Walmart Acquisition Enhances Retail Media Network
Walmart has completed its acquisition of Vizio, a TV manufacturer and advertising business. Back in February, the retail giant signed the deal to acquire Vizio and its SmartCast Operating System for approximately $2.3 billion. The closing of the deal followed the expiration of the waiting period under federal regulations.
The purchase of Vizio, a longtime supplier partner of Walmart, and its smart TV operating system (OS), SmartCast, enables the retailer and its advertisers to connect with and serve its shoppers at scale in new ways, including television and in-home entertainment and media experiences, according to a media release from the retailer.
The deal will also boost product discovery, helping brands increase impact from their advertising investments with Walmart Connect, the company’s retail media business in the U.S.
"Vizio has also expertly changed [its] business over time, like building and quickly scaling a profitable advertising business," Seth Dallaire, executive vice president and chief growth officer, Walmart U.S., said in the release. "Pairing it with Walmart Connect will be impactful and allow us to invest in our business even further on behalf of our customers."
Vizio, founded in 2002 as an entertainment and connected home device manufacturer, has in recent years significantly grown its device ecosystem and smart TV operating system, amassing more than 19 million active accounts, a 400% increase since 2018, per the release.
Vizio has built this "customer-centric" platform on its devices that enables users to stream content for free by watching ads. Building on this foundation, Vizio created an advertising business that enables marketers to reach consumers at scale. Vizio’s Platform+ segment, which consists largely of its advertising business, now accounts for all the company's gross profit.
"Today, with the tremendous number of resources from Walmart, we will continue to further accelerate that mission around the best home entertainment experience," added William Wang, CEO and founder of Vizio.
Walmart Connect grew 26% in Q3 this year, according to the retailer. The business offers Walmart suppliers and sellers opportunities to reach and target shoppers across channels. It also experienced 60% advertiser growth in Q3 of fiscal year 2025, working with suppliers, emerging brands, Marketplace sellers and — more recently — nonendemic brands.
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Walmart and Vizio will continue to operate separately for the foreseeable future. Wang will continue to lead Vizio as CEO, reporting to Dallaire.
As a result of the transaction, Vizio is now a wholly owned subsidiary of Walmart, and Vizio's business will be reported as part of the Walmart U.S. segment going forward.