Walmart To Acquire VIZIO For $2.3 Billion: Details

By Amit Chowdhry • Feb 20, 2024

Walmart and VIZIO announced today that they have entered into an agreement for Walmart to acquire VIZIO for $11.50 per share in cash, equating to a fully diluted equity value of approximately $2.3 billion. The acquisition of VIZIO and its SmartCast Operating System (OS) would enable Walmart to connect with and serve customers in new ways, including innovative television and in-home entertainment and media experiences. 

This acquisition also creates new opportunities to help advertisers connect with customers, empowering brands with differentiated and compelling opportunities to engage at scale and to realize greater impact from their advertising spend with Walmart. 

This combination would be expected to accelerate further Walmart’s media business in the U.S. Walmart Connect and bring together VIZIO’s advertising solutions business with Walmart’s reach and capabilities. And these benefits would be further strengthened by the growth of connected TV platforms and Walmart’s industry-leading TV panel sales.

Since being founded in 2002, VIZIO’s goal has been to deliver immersive entertainment and innovative connected home devices to consumers at great value. And in recent years, VIZIO’s growing device ecosystem and its Smart TV operating system, SmartCast, have amassed over 18 million active accounts growing approximately 400% since 2018. VIZIO built this customer-centric platform on its devices, enabling users to stream content for free by watching ads.

Building on this foundation, VIZIO created an advertising business that continued to grow while enabling marketers to reach consumers at scale. Plus, VIZIO’s platform has over 500 direct advertiser relationships, including many of the Fortune 500. VIZIO’s Platform+ business, which consists largely of its advertising business, now accounts for most of its gross profit.

Walmart Connect (the retailer’s closed-loop omnichannel media business) grew 30% for fiscal year 2024. And the business offers Walmart suppliers and sellers attractive opportunities to reach their desired customers no matter where, how, and when they shop. The company continues to innovate to bring to life distinct omnichannel solutions for advertisers of all sizes and accelerate shared growth.

Deal Details

The deal is subject to regulatory clearance and other closing conditions specified in the merger agreement. And VIZIO’s Board of Directors has unanimously approved the transaction.

VIZIO stockholders (including VIZIO CEO William Wang and his affiliates) holding approximately 89% of the voting power of VIZIO’s outstanding common shares have approved the transaction. And no other stockholder approval is required to complete the transaction.

Upon completing the transaction, VIZIO’s Class A common stock will no longer be publicly listed. And due to certain transaction-related costs associated with the acquisition, including for talent retention and technology integration, Walmart expects the transaction to be slightly dilutive to EPS in the near term.

Walmart plans to finance the acquisition using cash and/or debt. The deal is not subject to a financing condition.


“There is a lot to be excited about with this acquisition. We believe VIZIO’s customer-centric operating system provides great viewing experiences at attractive price points. We also believe it enables a profitable advertising business that is rapidly scaling. Our media business, Walmart Connect, is helping brands create meaningful connections with the millions of customers who shop with us each week. We believe the combination of these two businesses would be impactful as we redefine the intersection of retail and entertainment.”

  • Seth Dallaire, executive vice president and chief revenue officer, Walmart U.S.

“We believe this is the ideal next chapter in VIZIO’s history. By bringing our capabilities and resources together, we’ll drive innovation and create even more value for our customers. Walmart’s approach is aligned with VIZIO’s mission and vision, and our technology will help bring a scaled, connected TV advertising platform to Walmart Connect. This transaction delivers immediate and compelling value to VIZIO stockholders and is a true testament to the hard work of the entire VIZIO team.”

  • William Wang, chief executive officer of VIZIO