Watch out Samsung! China's LeEco is coming for you with Vizio buyout.

If you've never heard of LeEco, now is a good time to become familiar with it. 

The Chinese company that has been called the "Netflix of China" has a foothold in multiple industries such as video streaming, consumer electronics and automobiles. And in a joint announcement Tuesday, LeEco said it would acquire Vizio for $2 billion.

The transaction is expected to close by the end of the fourth quarter, with LeEco gaining 100 percent ownership of the TV and audio company as a fully-owned subsidiary.

William Wang, founder and CEO of Vizio, will become the chairman and CEO of Inscape, the technology built into Vizio TVs that collects anonymized viewer data in real time, which will be spun off as a private company. Wang will get 51 percent ownership of Inscape, and LeEco the remaining 49 percent. Read more...