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There are more problems for ambitious Chinese tech firm LeEco. Its acquisition\u00a0of U.S.-based TV Vizio, a surprise deal announced last summer, has run into issues, according to media\u00a0reports in China.<\/p>\n
Back in February, LeEco brushed off concerns<\/a> around the deal after Vizio settled an FTC charge for\u00a0surreptitiously collecting customer viewing data<\/a>, but this time the issue seems financial.\u00a0More specifically, the $2 billion deal\u00a0\u2014 announced last July<\/a>\u00a0\u2014 has \u201cstalled\u201d due to domestic restrictions on the transfer of capital overseas from China, so says a report from Caixin<\/a> (via Variety<\/a>.)<\/p>\n \u201cSo far the deal is still pending regulatory approval,\u201d was all a spokesperson from LeEco would say when we contacted the company for comment.<\/p>\n LeEco started out offering a Netflix-like service in China, before expanding into consumer electronics with smart TVs, smartphones and an audacious effort to rival Tesla with\u00a0an electric car developed alongside U.S.-based Faraday Future. However, those ambitions were checked last November when\u00a0billionaire CEO Yueting Jia\u00a0told employees<\/a> that the company\u2019s rapid growth was leading to stagnation and management problems. He proposed to reduce\u00a0non-essential spending outside of China, and drop\u00a0his own salary to just $0.15.<\/p>\n LeEco raised much-needed capital in January when sold a 15 percent stake in its film distribution firm for around $150 million, and it pulled in $600 million<\/a>\u00a0as recently as November. Yet despite that capitalization there have been challenges.\u00a0The firm slashed its headcount in India<\/a> (a move it claims was planned), while it is also rumored to be selling\u00a0the\u00a0Silicon Valley-based real estate<\/a> it bought from Yahoo last summer.<\/p>\n Its partnership with Faraday Future has\u00a0run into multiple roadblocks<\/a>, too.\u00a0The smart car project<\/a>\u00a0was designed to rival Tesla, but has experienced\u00a0financial issues<\/a>\u00a0while LeEco bizarrely unveiled its own car<\/a> to rival the project which, reports suggest<\/a>, was unwittingly designed by Faraday Future.<\/p>\n Featured Image: kennejima<\/a>\/Flickr<\/a> UNDER A CC BY 2.0<\/a> LICENSE<\/small><\/p>\n","protected":false},"excerpt":{"rendered":"![\"\"](\"https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/02\/vizio.jpg?w=680\")
There are more problems for ambitious Chinese tech firm LeEco. Its acquisition\u00a0of U.S.-based TV Vizio, a surprise deal announced last summer, has run into issues, according to media\u00a0reports in China. Back in February, LeEco brushed off concerns around the deal after Vizio settled an FTC charge for\u00a0surreptitiously collecting customer viewing data, but this time the issue seems… Read More<\/a><\/p>\n\n<\/img><\/a>
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