Walmart acquires VIZIO for $2.3bn
February 20, 2024
US supermarket giant Walmart has agreed a deal to acquire smart TV company VIZIO in a deal worth $2.3 billion (€2.13bn).
Walmart said the acquisition of VIZIO and its SmartCast Operating System (OS) would enable it “to connect with and serve its customers in new ways including innovative television and in-home entertainment and media experiences. It would also create new opportunities to help advertisers connect with customers, empowering brands with differentiated and compelling opportunities to engage at scale and to realize greater impact from their advertising spend with Walmart”.
The combination would be expected to further accelerate Walmart’s media business in the US, Walmart Connect, bringing together VIZIO’s advertising solutions business with Walmart’s reach. These benefits would be further strengthened by the growth of connected TV platforms and Walmart’s TV panel sales.
“There is a lot to be excited about with this acquisition,” said Seth Dallaire, executive vice president and chief revenue officer, Walmart US. “We believe VIZIO’s customer-centric operating system provides great viewing experiences at attractive price points. We also believe it enables a profitable advertising business that is rapidly scaling. Our media business, Walmart Connect, is helping brands create meaningful connections with the millions of customers who shop with us each week. We believe the combination of these two businesses would be impactful as we redefine the intersection of retail and entertainment.”
Since its founding in 2002, VIZIO’s mission has been to deliver immersive entertainment and innovative connected home devices to consumers at value. In recent years, VIZIO’s growing device ecosystem and its Smart TV operating system, SmartCast, have amassed over 18 million active accounts, growing approximately 400 per cent since 2018.
“We believe this is the ideal next chapter in VIZIO’s history. By bringing our capabilities and resources together, we’ll drive innovation and create even more value for our customers,” added William Wang, chief executive officer of VIZIO. “Walmart’s approach is aligned with VIZIO’s mission and vision, and our technology will help bring a scaled, connected TV advertising platform to Walmart Connect. This transaction delivers immediate and compelling value to VIZIO stockholders and is a true testament to the hard work of the entire VIZIO team.”