New York
CNN
—
Walmart is buying TV maker Vizio for $2.3 billion to shore up its advertising business and to create a more potent rival to Amazon.
Walmart believes it can use Vizio to sell ads for products on its popular televisions. Walmart Connect, the retail giant’s media and advertising arm, grew 30% last year. But advertising still makes up a fraction of the Walmart’s business.
“We also believe it enables a profitable advertising business that is rapidly scaling,” Walmart US chief revenue officer Seth Dallaire said in a news release Tuesday.
This is a developing story and will be updated.
