Retail giant Walmart (NYSE: WMT) said today it is purchasing Irvine-based Vizio Holding Corp. (NYSE: VZIO), the media company and maker of TVs, for $2.3 billion.
Vizio is historically the largest television brand sold at Walmart by sales.
The deal would make Walmart (NYSE: WMT) a larger player in connected TV advertising, where it would compete with Roku, Amazon and YouTube.
Shares in Vizio jumped 14.9% to $10.94 apiece for a market cap of $2.2 billion after the Walmart announcement.
For more on the deal, see the Feb. 19 print edition of the Business Journal.
