Vizio accuses LeEco of breaching settlement over failed $2 billion merger

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Vizio LeEco logos

Vizio says LeEco has breached the settlement the two companies agreed to last year in the $60 million lawsuit over their failed merger, and claims the Chinese tech conglomerate still owes a “substantial amount of money,” according to a new motion filed in California’s central district court on Monday.

LeEco, which was once considered to be the “Netflix of China,” tried to buy Vizio in 2016 for $2 billion as part of its effort to expand its business beyond streaming. Founder Jia Yueting wanted his company to move into hardware like televisions and smartphones so he could create an entire ecosystem of hardware and software products that worked together, hence the “eco” in LeEco. But Jia’s ambition eventually consumed LeEco, as he burdened...

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source https://www.theverge.com/2019/12/31/21044504/vizio-leeco-settlement-jia-yueting-breach-merger

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