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Walmart announced on Tuesday that it has agreed to buy consumer electronics company Vizio for $2.3 billion in a move that is expected to “further accelerate” Walmart Connect, the retail giant's media and advertising business, as it continues to challenge Amazon in the advertising space.

Walmart and smart television maker Vizio entered into an agreement for Walmart to acquire Vizio for $2.3 billion. The acquisition would enable Walmart to enhance its media business, Walmart Connect, by combining Vizio's SmartCast Operating System with Walmart's reach and capabilities, the companies said in a Tuesday (Feb. 20) press release.

Walmart Inc. (WMT) reported better-than-forecast results for its fiscal fourth quarter, as the big-box retailer benefited from consumers watching their spending amid still elevated inflation levels.

Walmart (NYSE: WMT ) stock is a hot topic on Tuesday after the retail giant announced plans to acquire smart TV maker Vizio (NYSE: VZIO ) in a $2.3 billion deal. That acquisition agreement has Walmart paying $11.50 per share in cash for VZIO shares.

Vizio's stock was trading at around $10.98 a share in pre-market activity on Tuesday -- more than 15% higher than its $9.53 closing price from Friday.

Walmart proposed to buy Vizio for $11.50 per share, a premium of 47% to the company's closing price of $7.82 as of Feb. 12, the day before reports about deal talks emerged.

Retail giant Walmart is acquiring smart TV maker Vizio for $2.3 billion in a deal that will alter the streaming advertising landscape. While Vizio is a leading manufacturer of televisions, rivaling Samsung for supremacy in North America, Walmart is not mainly interested in its hardware business.

Shares of Walmart Inc. WMT, +0.63% climbed 1.3% into record territory in premarket trading Tuesday, after the discount retail giant reported fiscal fourth-quarter profit that beat expectations, and announced an agreement to buy Vizio Holding Corp. VZIO, +0.21% in a deal valued at $2.3 billion. Net income for the quarter to Jan. 31 fell to $5.49 billion, or $2.03 a share, from $6.28 billion, or $2.32 a share, in the same period a year ago.

Walmart Inc (NYSE: WMT) is trading slightly up in premarket on Tuesday after reporting market-beating results for its fiscal fourth quarter on the back of a solid holiday quarter and double digits growth in eCommerce sales. This is a developing story.

Walmart touted the ability to grow its ad business through a Vizio TV platform that allows users to watch free ad-supported content.