Walmart says it has acquired smart TV maker, Vizio in a $2.3 billion deal. The acquisition process was first reported in February 2024 but required a waiting period under federal regulations.

Under the agreement, Walmart paid $11.50 per share for Vizio, acquiring its television hardware business, SmartCast operating system, and WatchFree+ streaming service. 

Walmart claims the acquisition represents a step in its strategy to connect advertisers with consumers more effectively while expanding its ad reach. According to the announcement, integrating Vizio’s ad business into Walmart Connect will enable it to offer “new and differentiated ways for advertisers to meaningfully connect with customers at scale and boost product discovery.” Walmart Connect currently provides advertising opportunities across the retailer’s digital and in-store platforms.

The platform says both companies will continue to operate separately "for the foreseeable future," but the partnership is expected to result in Vizio TVs featuring increased advertising for Walmart products.

The deal will let Walmart access Vizio’s customer data, such as viewing habits and shopping preferences. The company may be aiming to better compete with companies like Amazon, Google, and Roku in the growing connected TV advertising market, per Tech Crunch.

Vizio was founded in 2002. The TV brand serves more than 19 million active accounts and offers free, ad-supported streaming content to users.