Last week, the Wall Street Journal revealed that the retail giant Walmart was in talks to buy Vizio's TV business and today we've got official confirmation that this is going ahead as both companies confirmed a $2.3 billion deal. Such a deal is expected to give Walmart a big boost in the affordable TV space, where it currently offers its own Onn TV brand that has a much smaller share of the market in the US compared to Vizio. The acquisition also means it can include more ads on Vizio TVs.
William Wang, CEO of Vizio, described the acquisition as "the ideal next chapter in Vizio's history" and commented that "Walmart's approach is aligned with Vizio's mission and vision". Walmart has reportedly been looking to expand its advertising business in recent years and this now seemingly gives access to even more customers via Vizio's home screen, reminiscent of Roku, LG's webOS and Samsung's Tizen platforms.
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