Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website
Subscribe CustomBlackClose

Belt & Road Weekly Subscription Form

download_pop

Research ReportCustomBlackClose

The full edition of the report is available at Xinhua Silk Road Database. You can click the “Table of Content” to have a general understanding of it.

Click on the button below to create your account and get immediate access to thousands of articles.

Start a Free Trial

Xinhua Silk Road Database
Company

Chinese tech giant LeEco ditches acquisition of US TV maker Vizio

April 12, 2017


Abstract : Chinese technology conglomerate LeEco has abandoned its 2 billion U.S. dollars scheduled acquisition of US television maker Vizio Inc, and is instead exploring other ways to incorporate LeEco's content into Vizio's devices.

BEIJING, April 12 (Xinhua) -- Chinese technology conglomerate LeEco has abandoned its 2 billion U.S. dollars scheduled acquisition of US television maker Vizio Inc, and is instead exploring other ways to incorporate LeEco's content into Vizio's devices.

In a joint statement, released on Monday, the two companies announced the merger would not proceed but LeEco and Vizio still believed there was great synergy between the two companies.

The two companies said they were looking for ways to integrate LeEco's Le app and content into Vizio's CE platform and bring Vizio's products to the China market by engaging in a collaborative partnership.

In July, LeEco announced its acquisition of the California-based Vizio, which has 30 million users, for 2 billion U.S. dollars. The deal was intended to create a foundation for branding and acquiring US customers.

The collapse of the deal is a sign that LeEco's global expansion plans are faltering. Jia Yueting, CEO of LeEco, said late last year that the company was struggling to raise cash after the rapid expansion of his media and internet empire.

Founded in Beijing by Jia in 2004 as a Netflix-style streaming video platform, LeEco's vision is to offer a suite of connected hardware and services.

LeEco subsequently moved into content production, smart technology and electric cars and expanded its market into the United States and India. LeEco bought Coolpad to boost subscription and smart phone sales in 2016. It also partnered with American telecom giant AT&T in a deal that included carrying the US company's DirecTV Now streaming service last year. (chinadaily.com.cn)

Scan the QR code and push it to your mobile phone

Keyword: LeEco

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to [email protected] and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial

Ask Us A Question belt & road login close

If you have any questions, please enter them in the box below.

Identifying code Reload

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to silkroadweekly@xinhua.org and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial