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April 10, 2017 08:00 pm

China's LeEco Calls Off Its $2 Billion Purchase of TV Maker Vizio

Last year, China's conglomerate LeEco announced it would be acquiring TV maker Vizio for a sum of $2 billion. The move would have given LeEco, which is increasingly expanding its business beyond Chinese market, an instant foothold in the United States. But today, both companies announced they are cancelling the plan due to "regulatory headwinds." In a statement, the companies said: We continue to believe that there is great synergy between the two companies, and are pleased to announce that LeEco and Vizio have reached an agreement that is a win for both companies ... LeEco and Vizio will continue to explore opportunities to incorporate the Le app and content within the Vizio connected CE platform, and engage in a collaborative partnership to leverage LeEco's ecosystem user interface platform, along with the brand's exclusive content and distribution channels, to bring Vizio products to the China market. The announcement comes amid troubled times for both the companies. On one hand, LeEco is struggling financially. Bloomberg reported earlier this month that the company had delayed payroll for its US employees. Vizio was thrown under the bus in February after FTC fined the company $2.2 million to settle a case involving the TVs' data collection techniques.

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