Chinese electronics conglomerate LeEco is purchasing American TV manufacturer Vizio for $2 billion, the company announced at a press conference in China on Tuesday. The announcement effectively gives LeEco, formerly known as LeTV, an instant foothold in the U.S. television market. For a refresh, for those who haven't heard much about LeEco, it's one of China's biggest electronics companies. Founded in 2004, it offers a range of services including live-streaming, e-commerce, cloud, smartphones, TV set-top boxes, and smart TVs among many other products and services. One of the recent areas where it has invested its time on is an electric car, which we talked about here a few weeks ago. From a report: Vizio is primarily known for its televisions, like the P-Series sets that we recently unboxed, but they've also dipped their toes into Android. For example, Vizio released a 10-inch tablet a few years ago, and the aforementioned P-Series TV set ships with a 6-inch Android tablet that you use as a remote. Once Vizio is acquired by LeEco, it'll be operated as an independent subsidiary and the current management will remain in California. LeEco CEO Jia Yueting commented on the deal, saying, "We hope that we can use the ecosystem model and create a great integration between Vizio and LeEco and create new values for U.S. users."Having talked to the executives of LeEco in the past few months, I understand that the company intends to bring its products to the American market before its rival Xiaomi does. Xiaomi also intends to bring its smartphones and TVs to the U.S. and European market, but is currently dealing with different regulations.