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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.
Vizio shares soared on Tuesday after a report that Walmart was looking to buy the smart-TV maker. There could be some negative implications for Roku as an operating system for Walmart's Onn TVs, but it's the retailer that has more to lose in that scenario.