The 20-member team of lawyers at Irvine-based Vizio Holding Corp. (NYSE: VZIO) rarely have a dull moment.
This year has been no different for the seller of televisions and advertising services.
In April, the company announced a deal with Nielsen (NYSE: NLSN) to measure audiences on an expanded roster of 400 local television stations. In July, it brought together representatives of 65 organizations for its first Developer Conference. Then in August, it added four additional free channels from The E.W. Scripps Co. (Nasdaq: SSP), including ION.
That’s on top of the usual preparation of SEC filings, quarterly reports and investor presentations.
It’s also dealing with a lawsuit filed in 2021 by Maxell Ltd. alleging several of its patents were infringed upon by Vizio televisions. The company disputes the claims and intends “vigorously” to defend the lawsuit, which is in the pleadings stage.
The legal team’s work, led by General Counsel Jerry Huang and Deputy General Counsel Dennis Yeoh, is supported by outside counsel across nearly a dozen law firms. Last November, the company was recognized with the In-House Legal Team Award during the Business Journal’s General Counsel of the Year Awards event.
A year ago, the team managed an initial public offering in the middle of a pandemic, a doubling of the employee headcount, contracts, litigation and navigating ever-changing regulatory waters.
In the past five years, Vizio has settled lawsuits with Advanced Micro Devices Inc. for $39 million, and with AmTRAN Technology Co. for $8.2 million.
Vizio’s annual report describes a legal moat built around it.
“Historically, Vizio has been contractually indemnified and reimbursed by its manufacturers for most intellectual property royalty obligations and commitments,” its annual report said.
That may explain why it has relatively little accrued legal fees, which were $1.9 million in 2021, down from $3.1 million in the prior year.
