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Walmart Completes Acquisition of Vizio

$2.3B deal extends company’s retail media network capabilities
Marian Zboraj, Progressive Grocer
Walmart
Walmart’s acquisition of Vizeo accelerates its Walmart Connect retail media business in the United States.

Walmart completed its acquisition of Vizio on Dec. 3, ramping up its competitiveness in the retail media space.

As announced Feb. 20, Walmart signed a deal to acquire Vizio and its SmartCast Operating System for $11.50 per share in cash, equating to a fully diluted equity value of approximately $2.3 billion.

Vizio’s growing device ecosystem and its smart TV operating system, SmartCast, have amassed over 19 million active accounts, growing approximately 400% since 2018. Vizio constructed 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 has continued to grow while enabling marketers to reach consumers at scale. Its Platform+ segment, which consists largely of its advertising business, now accounts for all the company’s gross profit.

The acquisition of Vizio and its SmartCast Operating System allows Walmart to serve its customers in new ways to enhance their shopping journeys. According to the mass retailer, the deal will also “bring to market new and differentiated ways for advertisers to meaningfully connect with customers at scale and boost product discovery, helping brands achieve greater impact from their advertising investments with Walmart Connect – the company’s retail media business in the U.S.”

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“Vizio offers great products at great prices that customers love. They’ve always put customers at the center of their business – and that’s core to Walmart’s values and the omnichannel experiences we’re excited to roll out,” said Seth Dallaire, EVP and chief growth officer, Walmart U.S. “Vizio has also expertly changed their business over time, like building and quickly scaling a profitable advertising business. Pairing it with Walmart Connect will be impactful and allow us to invest in our business even further on behalf of our customers.”

Walmart Connect, the retailer’s closed-loop, omnichannel retail media business, grew 26% in third quarter this year. The business offers Walmart suppliers and sellers opportunities to reach their desired customers no matter where, how and when they shop. Walmart Connect experienced 60% advertiser growth in Q3 of FY25, working with suppliers, emerging brands, Marketplace sellers and – more recently – nonendemic brands.

[RELATED: Walmart’s Strong Q3 Punctuated By Revenue, E-Commerce Growth]

As a result of the completed acquisition, Vizio has become a wholly owned subsidiary of Walmart, and Vizio’s Class A common stock will no longer be listed for trading on the NYSE, which is expected to take effect as of the close of market on Dec. 3. Vizio’s business will be reported as part of the Walmart U.S. segment going forward. Vizio founder William Wang will continue to lead the Irvine, Calif.-based company as CEO, reporting to Dallaire. 

Each week, approximately 255 million customers and members visit Walmart’s more than 10,500 stores and numerous e-commerce websites in 19 countries. With fiscal year 2024 revenue of $648 billion, the retailer employs approximately 2.1 million associates worldwide. Bentonville, Ark.-based Walmart U.S. is No. 1 on Progressive Grocer’s 2024 list of the top food and consumables retailers in North America. PG also named Walmart one of its Retailers of the Century

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