At a press conference in Los Angeles this morning, LeEco announced that it was acquiring the entirety of Vizio's hardware and software businesses for $2 billion. The acquisition, or at least an investment, had been rumored recently, but today it's official. Vizio will operate as a wholly-owned subsidiary of LeEco, meaning we can expect the Vizio brand to live on in the future, especially here in the US where Vizio is based.

Vizio's current executive management will remain in place at the company, which will continue to operate via its headquarters in Irvine, CA. Vizio's data business, Inscape, will be spun off as part of the acquisition, to become a separately, private-owned firm, run by Vizio's founder and CEO William Wong (LeEco will own a 49% stake in this business, with Wong owning 51%).

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