BENTONVILLE, Ark. (KNWA/KFTA) — Walmart announced on Tuesday they acquired VIZIO for $2.3 billion, according to a news release.
Walmart says the acquisition of VIZIO and its SmartCast Operating System will allow them to connect and serve customers in new ways such as in-home entertainment, innovative television and media experiences.
"It would also create new opportunities to help advertisers connect with customers, empowering brands with differentiated and compelling opportunities to engage at scale and to realize greater impact from their advertising spend with Walmart," the release said.
Walmart mentions that the combination will help accelerate the retail giant's media business in the United States, Walmart Connect, and bring together its reach and capabilities with VIZIO's advertising solutions business.
“There is a lot to be excited about with this acquisition,” said Seth Dallaire, executive vice president and chief revenue officer of Walmart U.S. “We believe VIZIO’s customer-centric operating system provides great viewing experiences at attractive price points. We also believe it enables a profitable advertising business that is rapidly scaling.
“We believe this is the ideal next chapter in VIZIO’s history. By bringing our capabilities and resources together, we’ll drive innovation and create even more value for our customers,” said William Wang, chief executive officer of VIZIO.
The release says the VIZIO Board of Directors unanimously approved the transaction and when it is completed, VIZIO's business will be reported as part of Walmart's U.S. segment.
