On Tuesday, Walmart revealed its plans to acquire the television manufacturer Vizio for $2.3 billion.

The retail giant stated in a press release that this acquisition, including Vizio and its smart TV operating system, SmartCast, is aimed at expanding Walmart’s media business.

The move is expected to integrate VIZIO’s advertising solutions business with Walmart’s extensive reach and capabilities.

“There is a lot to be excited about with this acquisition,” Seth Dallaire, Walmart’s executive vice president and chief revenue officer, said in a statement, The Hill reported.

“We believe VIZIO’s customer-centric operating system provides great viewing experiences at attractive price points,” he added. “We also believe it enables a profitable advertising business that is rapidly scaling.” 

Walmart CEO Doug McMillon also touted the Vizio acquisition on a company earnings call Tuesday for providing “the opportunity to reach and serve customers in new ways and connect more dots for those that advertise with us.”

Written by B.C. Begley