Only hours after we heard rumours that LeEco will either buy Vizio or make a big investment in the TV brand, the Chinese company has managed to close a deal on Vizio and purchase the company for $2 billion. This comes weeks after LeEco became Coolpad's largest shareholder.

LeEco will own Vizio's hardware and software businesses and the Vizio brand will continue on as a subsidiary of LeEco, so there won't be many changes on store shelves. The deal was announced during an event in Los Angeles that is still live streaming and can be watch below. LeEco will try to close the deal during the fourth quarter of 2016.