Vizio acquired by Chinese tech company LeEco for $2 billion

ronjor · Jul 26, 2016

By Bryan Bishop on July 26, 2016 02:15 pm @bcbishop

Chinese electronics firm LeEco is buying American TV manufacturer Vizio for $2 billion.
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guest · Dec 31, 2019

Vizio accuses LeEco of breaching settlement over failed $2 billion merger
LeEco allegedly still owes a ‘substantial amount of money’
December 31, 2019
https://www.theverge.com/2019/12/31/21044504/vizio-leeco-settlement-jia-yueting-breach-merger

Vizio says LeEco has breached the settlement the two companies agreed to last year in the $60 million lawsuit over their failed merger, and claims the Chinese tech conglomerate still owes a “substantial amount of money,” according to a new motion filed in California’s central district court on Monday.

LeEco, which was once considered to be the “Netflix of China,” tried to buy Vizio in 2016 for $2 billion as part of its effort to expand its business beyond streaming.
The Vizio deal fell apart just one year later, and the American television maker sued LeEco for $60 million in damages.
Vizio also claimed LeEco’s acquisition was part of a “secret plan” to walk away with information about the television company’s corporate clients. The two sides ultimately reached a settlement in November 2018, though terms of the agreement were never disclosed.
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Vizio’s lawyers also acknowledge that Jia recently filed for Chapter 11 bankruptcy in the US in a bid to settle the billions of dollars he owes in China.
In a letter to his creditors sent in November, Jia wrote that he takes “primary responsibility for the dramatic fall of LeEco.”
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Vizio acquired by Chinese tech company LeEco for $2 billion

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