Chinese tech firm LeEco ends bid to buy TV maker Vizio: HumSub.TV
Chinese tech firm LeEco ends bid to buy TV maker Vizio: HumSub.TV: Cash-strapped Chinese tech firm LeEco on Monday abandoned its effort to buy US television maker Vizio, citing “regulatory headwinds.”
Tech giant LeEco led by billionaire Jia Yueting last year announced a deal to buy Vizio for $2 billion, but the acquisition had to be approved by regulators.
“The merger agreement to acquire Vizio will not proceed due to regulatory headwinds,” LeEco Global Group Ltd. and Vizio said in a joint release.
“We continue to believe that there is great synergy between the two companies, and are pleased to announce that LeEco and Vizio have reached an agreement that is a win for both companies.”
LeEco and Vizio will look into ways to incorporate the Chinese company’s app and content into Vizio’s offerings and work together to bring Vizio products to the China market, according to the new agreement.
Early this year, LeEco secured a $2.2 billion investment from a group led by property developer Sunac China Holdings, after it had to suspend trading in shares.
Hong Kong-listed Sunac said it would plough 15.04 billion yuan into the sprawling LeEco empire, which has interests in various sectors including self-driving cars, smartphones, film making, and TV-set manufacturing.
Originally a video-streaming provider, LeEco has expanded rapidly with investments in sectors as wide-ranging as self-driving cars, sports broadcasting rights, smartphones, film production, and television manufacturing.
LeEco’s diverse ventures pit the company against Apple, Netflix, and Tesla and homegrown Chinese champions Baidu, Tencent, and Alibaba.
But the company’s relentless expansion has put a strain on its cash flow, and in November Jia told employees the company grew too quickly and was short of funds.
LeEco last year opened a North American headquarters in San Jose, California. The facility was also to become the home for a LeEco autonomous driving research center.
Chinese tech firm LeEco ends bid to buy TV maker Vizio: HumSub.TV
Chinese tech firm LeEco ends bid to buy TV maker Vizio: HumSub.TV
About HumSub TV
Introduction
HumSub TV is Pakistan’s leading forwarding-thinking, edutainment channel, aimed at promoting and upholding peace, interfaith harmony and social responsibility within Pakistan through informative and insightful programmes and documentaries; analytical interviews on issues pertaining to social, economic, legal and environmental set-up; dedicated shows to canvass and thereby promote the culture and heritage of Pakistan and in-depth coverage of national and international news.
HumSub TV is the first channel and thus a pioneer within its own right that mainly focuses on emphasising the “Rights” as well as the “Obligations” of the citizens in light of the Constitution of Pakistan, numerous International declarations signed by the Government and various laws that have been promulgated over the years but are not in the knowledge of the common citizen.
HumSub TV also aims to enter into bilateral agreements with other countries to promote not only their culture, heritage and tourism, but also their educational and medical facilities.
Following the successful launch of HumSub TV’s head office in Blue Area, Islamabad; the bureau office has been set up in Lahore.
Vision
To project positive image building of Pakistan and inculcate nationalism, as per the vision of the founder of the nation, Quaid-e-Azam Mohammad Ali Jinnah.
Mission
HumSub TV is resolute about the promotion of a pluralistic, inclusive and egalitarian society in Pakistan where all citizens are allowed to contribute to promote interfaith harmony, peace and collective wisdom in the social, political and economic development of Pakistan and to encourage critical and lateral thinking in the society. HumSub TV strives to make a positive contribution to this end.
HumSub TV’s Theme
HumSub TV, Pakistan’s first EDUTAINMENT Channel, has been set up for not only those audience residing in Pakistan or overseas but the international community on the whole. The vision of the channel is to project positive image building of Pakistan and inculcate nationalism as per the vision of the founder of the nation.
HumSub TV strives to make a positive contribution to this end by promoting pluralism, inclusiveness and egality in Pakistan and give voice to the suppressed. It endeavors to act as a positive catalyst for social change and Pakistani nationalism. It envisions providing a platform for airing critical and lateral thinking and collective wisdom by inviting positive minded intellectuals and opinion forming individuals for the promotion of interfaith harmony and peace in the social, political and economic development of Pakistan.
Whereas the channel airs upbeat edutainment programmes, it, nonetheless, has the primary objective of countering negative anti-Pakistan regional and international propaganda as well as advancing fundamental rights as encapsulated in the Constitution of Pakistan.
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