Chinese entertainment giant LeTV announced on Tuesday that it has acquired the second biggest smart TV maker¹ in the United States, Vizio at a cost of $2 billion U.S dollars.

 

中国娱乐巨头乐视网周二宣布，该公司以20亿美元的价格收购美国第二大智能电视生产商瑞轩。

 

The purchase is said to be the biggest acquisition in global TV industry.

 

Vizio, the biggest TV manufacturer on American soil, produces 8 million TVs a year and it has a market share of around 30 percent in North America. The founder² and CEO of LeTV Jia Yueting said the acquisition will lay a foundation for the company to go global.

 

The acquisition is estimated to be completed in the fourth quarter this year and the Vizio brand will be retained, with LeTV planning to run the company as a wholly owned subsidiary. An independent company, Inscape, will be established to run the statistics business of Vizio, according to LeTV.

 

LeTV was founded in 2004 and it has developed into China's leading online streaming site with a variety of businesses including smart TVs, high-definition screens, cell phones, motorcycles and internet finance.

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