Chinese electronics maker LeEco is quickly making a name for itself in 2016.

After beating Apple to the punch by releasing a smartphone without a 3.5mm jack and positioning itself as one of the frontrunners for Qualcomm s upcoming Snapdragon 823 SoC, the company made another big move in acquiring TV maker Vizio for $2 billion.

The US-based budget TV builder announced the deal earlier today at a press event in Los Angeles.

As per the deal, Vizio will more or less continue its day-to-day operations out of California as usual, acting as a subsidiary of LeEco.

Vizio founder and CEO William Wang, however, will be leaving the company… sort of.

Inscape, Vizio s data business, will be spun off into a privately held company in which LeEco will own 49 percent of.

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