LeEco (formerly LeTV) of China has announced a definitive agreement to acquire US TV brand Vizio, for $2 billion. LeEco will operate the Vizio hardware and software business as a wholly-owned subsidiary. Vizio's data business, Inscape, will be spun out and operated independently. "Acquiring Vizio is an important step in our globalization strategy and building our North American presence," said LeEco CEO YT Jia. For its part, LeEco will provide Vizio with global scale and brand recognition. Vizio's executive management team will remain in place, and the company will continue to be based in Irvine, California. Products will continue to be sold through its existing distribution channels. CEO and founder William Wang will transition to chairman and CEO of Inscape. The acquisition is expected to be closed in Q4'16, subject to the customary closing conditions.