LeTV was very busy. After being named by CCTV last night as “a penny to buy a membership scam,†LeTV announced in the United States Los Angeles, at 2 o'clock on July 27th, that it would acquire US TV maker VIZIO for US$2 billion in price. This was the industry’s It is considered to be the largest acquisition plan in the history of the global television industry. The acquisition will be conducted in a cash-only manner and it is expected that the transaction will be completed within 6 months. Earlier, LeTV's rumors of the acquisition of VIZIO have been heard for a long time. Lei Fengnet (searching for "Lei Feng Net" public concern) has also followed this up. After that, LeTV made a clarification in mid-July: As of now, LeTV does not participate in any negotiations in this transaction. At this point, numerous media have tracked the VIZIO acquisition news for several months. Actually, LeTV and VIZIO started negotiations on this matter as early as three years ago, and Jia repeatedly asked for cooperation but none of them agreed. LeTV’s acquisition of VIZIO means that LeTV has occupied a large share of the U.S. TV market in an instant, which is one of the reasons for this concern. So what is VIZIO in the end? Why does VIZIO choose to sell? Left (Wang Wei), Right (Jia Yueting) Picking up VIZIO Wei Wang, the founder of VIZIO, was born in Taiwan, China. When he was 26, he chose to start a business. He earned his first barrel of gold at the age of 30 and lost 40 million dollars at the age of 40. In the 1990s, he mortgaged the house for 600,000 dollars to establish VIZIO. Before this, there was also a display company named MAG Innovision. In 2007, VIZIO became the best-selling flat-panel HDTV brand in North America, and it became the first American brand to lead the United States' major TV sales market in more than a decade. VIZIO has been obscured but steadily building and expanding its own business. Today it has become a very important market participant in the US television industry. It is currently the second-largest TV brand in the United States after Samsung. If you summarize the characteristics of the VIZIO brand, you can call it: high-end product parity strategy. It relied on a series of low-price "luxury goods" that were introduced at the right time, breaking the pattern of Japan and South Korea's unrivaled world in the global large-size flat-screen TV market, and taking the throne of the North American LCD TV market. In 2007, five years after its birth, VIZIO began to launch some advertisements, and the budget only accounts for less than 1% of the company’s total expenses. As of the second quarter of 2016, the VIZIO brand reached 150,000 racks of 8,000 channels in North America, and its distribution channel penetration rate was as high as 83%; it sold more than 22 million smart TVs and produced 100 billion TVs per day to watch big data. The cumulative viewing time of users exceeds 5 billion hours. The data is excellent. Why did VIZIO insist on selling? The reason is nothing less than: VIZIO as a TV manufacturer, itself has been trying to transform, but the lack of good cash model, continue to develop, future market competition pressure will grow. 丨 bidding war Pushing VIZIO to the air is a big coffee with global influence. Silicon Valley interaction design expert Chris Messina reported on Twitter earlier that flat-panel high-definition TV brand VIZIO has been acquired, or Google, Apple, or may have established a new joint venture company. . Then LeTV and Ali participated in the auction. In a multi-party continual game, Apple’s rumored price has reached US$3 billion. Compared to earlier estimates, LeTV's quotation was 1.5 billion, and today's 2 billion transaction volume can be said to be high and low. Based on a comprehensive comparison, the reason why Wang Wei finally chose LeTV has become clearly visible. LeTV has made a certain amount of accumulation in Internet TV and has also infused TV elements into the Internet. In the U.S. market, Internet TV has no policy control, and TV screens can be freely connected to the Internet, which is more room for display than China. In addition, Jia Yueting specifically mentioned on the scene: VIZIO employees will introduce LeTV’s full-share ownership plan. In contrast, Alibaba, whose rumor was only quoted at 2.5 billion, is less attractive. Uncertainly, Alibaba's bids may have pushed up LeTV’s initial offer by more than 30%. LeTV's current 2 billion offer must have been carried over n times. 丨L+V is good From the content of the speech, we can see that Jia has already locked in VIZIO and the acquisition has been a long-term plan. What does LeEco+VIZIO actually mean? Lexus Global Capital Senior Vice President Zheng Xiaoming gave such an answer. After the acquisition, LeEco's big screen ecology platform will have more than 28 million smart TV channels, with a cumulative playing time of more than 11 billion hours and a monthly value of up to 730 million. Number of live users , "It is worth noting that this number has exceeded the sum of the number of live users on Twitter and Snapchat." More importantly, the acquisition of VIZIO will strengthen LeTV's voice in the global television industry supply chain. VIZIO has strong global supply chain management capabilities and has established long-term partnerships with US Tier 1 distributors. Therefore, successively taking stakes in TCL Multimedia and the acquisition of VIZIO helped LeTV gradually realize the deep vertical integration and value reconstruction of the global industrial chain from the brand to the user, from the upstream industrial chain of the screen-core-intelligent terminal to the downstream channels and marketing resources; LeTV will also use the "platform + content + terminal + application" ecological model to help VIZIO upgrade to a multi-dimensional, open-end closed-loop shared ecosystem. At the same time, VIZIO's customer service system in North America remains unchanged, and LeEco provides VIZIO with content, technology, Internet, and cloud services to help it transform and upgrade to an Internet ecosystem company. Jia Yueting's expectation is that more than 10 million installation bases will be installed each year. In three years, LeTV's large-screen ecology is expected to become the global TOP.3 brand. In addition, as Wang Wei mentioned, “Jia Yueting will lead VIZIO to the worldâ€, VIZIO's current market is mainly in the United States, and there is almost no brand awareness overseas. If you choose to cooperate with LeTV, you may use the resources provided by the latter to enter more markets. The data shows that in the first half of 2016, the main areas of overseas sales of LeTV focus on North American and Southeast Asian markets. The North American market is the second-largest TV consumer market next to China, with a sales volume of 45 million units in 2015. VIZIO's sales volume was 7.5 million units in 2015, and the North American market accounted for about 17%. The two major brands. Under the background of weak growth in the Chinese market, expanding overseas markets is a good choice for LeTV to expand its scale. @ Group Intelligence Consulting believes that LeTV's acquisition of VIZIO, the main favorable factors for LeTV's TV market layout are as follows: 1) Spread the road to enter the North American market 2) User base expanded to overseas markets, content can be loaded within the dual brands Letv and VIZIO 3) The industrial chain layout is more perfect, and the control over panel resources is enhanced. 4) Launching a multi-brand strategy and expecting LeTV sales to reach approximately 15 million units in 2017 It is worth noting that LeTV is an acquisition made by the main body of LeEco. According to reports, LeEco is a parallel company of Levision's main overseas company, with headquarters in both China and North America. After the acquisition is completed, LeEco will own 100% of Vizio and 49% of Insacape . It is said that there are mainly three ways to resolve the acquisition of funds : 1) Since VIZIO itself is a profitable state, in addition to the cash held by VIZIO, the actual amount of cash to be paid will be less; 2) Use LeTV's bank resources; 3) Other business sections of LeTV support. Subsequently, Winston Cheng, senior vice president of LeSco Global Capital, introduced the transaction arrangement after the acquisition: 1) VIZIO's brand is maintained, and VIZIO's corporate culture will remain unchanged; 2) The VIZIO management team will remain unchanged and continue to be responsible for the company's day-to-day management operations at its headquarters in Irvine, California. At the same time, in order to ensure the sustainable development and growth of the company, LeTV has confirmed with its management the performance incentive plan for the next three years; 3) VIZIO's customer service system in North America remains unchanged. "We plan to continue business operations with the same input to provide consumers with maximum support." VIZIO's supplier partners remain unchanged after VIZIO signed with the parties. The subject matter and clauses involved in the agreement will also remain unchanged; 4) LeEco will provide content, technology, internet, and cloud services for VIZIO; in the future, the entire LeTVE will cooperate with VIZIO in an in-depth manner to help its transformation and upgrade to an Internet eco-company. Attached to the media after the press conference About this acquisition VIZIO Q: At the end of September, there was a release of LeTV’s strategy. Then what is the relationship between LeTV and VIZIO in the future? Who will be the new CEO of VIZIO? Jia: In the future, TV will adopt a dual-brand strategy. There will be obvious distinctions between the two brands. Based on the differences in user groups, product features and definitions, dual-brand operation will be conducted. However, the underlying operations are the same, including cloud platforms, content, and UI. VIZIO will also enter China and even the global market. VIZIO founder William (Wang Wei) will go to big data company, LeTV and his joint venture company as chairman. Q: What does LeTV think of Samsung TV? Is there any confidence in achieving the world's top? Jia: Indeed, Samsung is the global leader in the era of traditional smart TVs. Samsung TVs can sell between 40-50 million units worldwide, LG is between 2,000 and 25 million, and this year, our dual-brands are between 14 and 15 million, and over 20 million next year. Taiwan, if combined with TCL sales, will be a total of 30 million units. If our judgment is right, the next era should be the era of Internet ecology, not just the era of hardware and software. Well, unless Samsung can achieve self-revolution and achieve Internetization, it will also be... We hope that in the next two to three years, we will realize the reshaping of the industry. Q: What are the conditions for LeTV and VIZIO three years ago? Jia: There is not much difference between the current conditions and the present. The first year was more closely discussed and the second year was looser. In the third year and six months ago, we started negotiations again. Before VIZIO was just curious about why we had the idea to buy it, this time it had the idea of ​​selling it. After continuous exchanges and observations of LeTV, they thought that our model may be correct. At the same time, we also believe that the threshold for hardware companies to switch to ecological companies is very high. We hope that in the future competition, we can use a high-dimensional model and follow suit. Current competitors compete. LeTV will not adopt a traditional content procurement strategy in content strategy Q: How does LeTV compete with global companies on "content"? Jia: The cost of content in the United States is indeed too high. This is why many people question the important reason why LeTV enters the United States. Many people believe that Chinese companies have no chance of success at the content procurement level. We will adopt a new content strategy. Two or three months later, it will be announced. We will not elaborate on it today. What is certain is that innovation is the first, and openness is used instead of traditional content procurement. Secondly, we want to integrate our global content resources to achieve self-control in content self-control. We will integrate China, India, and South Korea as the top resources for content creativity to promote our self-control strategy. Zhang Yimou’s Great Wall, for example, invests between 150 million and 200 million U.S. dollars. This is an integration of global resources. This is a true Chinese-American co-production system and will be officially released this year in the Lunar New Year. It was the first Sino-American co-production that took the lead in China (one to two months ahead of the United States). LeTV is more responsible for the Chinese market, because globalization will face a lot of uncertainty, because LeTV is a listed company relationship, so it is not appropriate to assume the role of overseas, but the integration of resources is completely open. Globalization idea Q: How is LeTV's globalization strategy deployed? Jia: One of the important reasons for the sluggish growth of the global economy is the lack of innovation. In the journey of globalization, Chinese enterprises can be said to be successful because of their backwardness in technology and the low-level business model. However, in the next era, we believe that the biggest point in promoting global economic growth is “ecological innovation†or “multi-dimensional and multi-level innovation†rather than a single point of innovation. One is that if you can use the Internet to change traditional industries, and second, if you can break the borders of seemingly many unrelated industries, you can have great potential. Chinese enterprises have unique advantages in both aspects. Internet applications are well developed, and industrial barriers are not as strong as in the United States and other developed countries. This is one of the basic reasons why LeTV dares to go global with all its resources. This time with VIZIO, we hope to use our model to create innovations in the collision with traditional home appliances. This is also an important way of our globalization. Let’s think on the path of globalization: First, we hope to replicate the ecological model more completely to countries with more people. Second, we will inject our resources into our partners through mergers and acquisitions to obtain more users, especially high-value users. China's internationalization does not do well. First, it comes from the low dimension of the business model, followed by the low dimension of the culture. Our approach is that business, first of all, let the underlying "cloud" go out. What the user feels more is the experience is good or bad, so the first thing to do in the business is the global deployment of LeTV. We have now done more than 1,000 deployments in the world and we are stepping up the deployment of music and music. The top layer is a smart terminal. I think that the regional culture of the country does not stand out on smart terminals. Users in various countries are more concerned about performance and price. We drive the internationalization of the business through the driving of both the bottom and top layers. The risk of LeTV's internationalization will be borne by capital risk. On this point, the media has every day made negative news. There is not much to say here. In fact, LeTV has never been a fund-driven company. In the past ten years, LeTV’s funding has been very tight and it has forced us to use the corporate culture of capital effectively. Second, it is organizational risk. The success of such a complex strategy and business model depends on the execution of the organization. In the past few years, we have also made breakthroughs in organizational innovation. We call it an ecological organization. The composition of LeTV's organization also differs from that of large-scale global companies. We have more types of talent than any large company. The Leshi Rover Team is the most unique team in the world and has a fundamental difference from the traditional automotive team. In our artificial intelligence, IT, internet and cloud parts, there are very prominent differences with traditional car manufacturers. A truly ecological organization coupled with an eco-friendly incentive mechanism may lay a foundation for LeTV’s globalization. However, the challenge to us is how to expand the ecological organization to the whole world because there are still cultural barriers overseas. However, through the globalization of the past few years, we believe that we have found a certain solution. For example, since the birth of LeTV, we have been a global company and have been born directly in Silicon Valley. Only by integrating global resources with ecological organizations can it become a global ecological organization. Many Chinese companies also make overseas acquisitions, but our mergers and acquisitions are "purchasing current companies in the future" and "acquiring future businesses in the future." This is the difference in the concept of mergers and acquisitions with others. Many corporate mergers and acquisitions are just doing additions, and we want to use mergers and acquisitions to change it. Q: What is LeTV's US launch date? What is LeEco Global's financing schedule? Jia: In September, we will land in the United States "all ecologically". Of course, we will implement it in phases, first at the platform and at the terminal level. We can ensure that it is not the same as Apple and Samsung. (There is no direct answer to the issue of LeTV's US launch date.) LeTV is not in a hurry to market and finance. In fact, LeEco Global has been established for many years, but relying mainly on my money, this year's sales will probably reach five to six billion RMB. It is possible that The right time to start financing. How Chinese companies have great value and gain global recognition is indeed a challenge for the globalization of Chinese companies. Our values ​​are user value first, industry and social value second, and third is corporate value. The pursuit of profit has never been our first goal. Our goal is to have more high-value users. The so-called high-value users are eco-type users and have a relationship within 24 hours. Q: How does LeTV form segmentation and collaboration with Coolpad in terms of products and channels? LeTV has recently stepped up efforts to promote overseas channels. What progress has been made? In addition to hardware sales goals, goals in terms of software and services? Jia: Coolpad and LeTV are dual-brand strategies. We have announced that LeTV will become the largest shareholder of Coolpad and we are waiting for review and approval. First of all, it will allow Coolpad to integrate into Letv Ecology. In terms of mobile channels, online and offline integration will occur, but there will be a separation of functions and values. We are also exploring. In the future, regardless of the Cool School or the VIZIO, our style of play is relatively consistent. At the sales level, we will use O2O's competitive advantages. We will achieve synergies in terms of patents, R&D, and supply chain resources in terms of other resource integration. In terms of overseas channel construction, we will also bring music malls and music par out, but it will be more difficult to implement. Mini PC
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