SAN FRANCISCO, Dec. 3 (Xinhua) -- U.S. retail giant Walmart announced Tuesday that the company has closed its acquisition of television maker VIZIO with an all-cash deal valued at 2.3 billion U.S. dollars to boost its advertising business.
The acquisition will introduce new customer entertainment experiences and accelerate growth at Walmart Connect, the company's advertising business, the company said.
As announced on Feb. 20, 2024, Walmart signed a deal to acquire VIZIO and its SmartCast Operating System for 11.50 dollars per share in cash. It took a few months to complete due to the waiting period under federal regulations.
Walmart and VIZIO will continue to operate separately for the foreseeable future. William Wang will continue to lead VIZIO as CEO, reporting to Seth Dallaire, Walmart's executive vice president and chief growth officer.
With this strategic move, Walmart aims to become a leader in connected TV advertising. By integrating VIZIO into its advertising platform, Walmart Connect, the retail giant is positioning itself to better compete with industry heavyweights like Amazon, Google, and Roku.
The integration allows Walmart to combine its retail operations with TV hardware, providing direct access to customer data on viewing habits and shopping preferences. The information gathered can then be used to tailor ads, enhance product offerings, and create a personalized shopping experience.
