U.S. regulators will get extra time to review Walmart’s Vizio acquisition proposal following the retailer’s decision on Wednesday to withdraw a previous filing.

In an explanation to the SEC on March 27, Walmart stated its intent to refile its Hart-Scott-Rodino notification. The filing is required by the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in cases where large transactions necessitate antitrust review. The original notification was filed on Feb. 29, beginning a 30-day waiting period that would precede a closing for the deal. Assuming Walmart refiles as anticipated on March 29, the new waiting period would end on April 29.

Walmart is No. 2 in the Top 1000, Digital Commerce 360’s ranking of North America’s online retailers by web sales. Additionally, Walmart is No. 9 in the Global Online Marketplaces Database, Digital Commerce 360’s ranking of top online marketplaces.

This week, in Walmart’s latest filing, the company noted that it has been in active talks with both the Securities and Exchange Commission (SEC) and Department of Justice (DOJ) about the $2.3 billion Vizio deal.

Walmart Vizio acquisition filing with the SEC

“On March 25, 2024, following informal discussions with the Federal Trade Commission and the Department of Justice (together, the ‘Antitrust Agencies’), Walmart notified the Antitrust Agencies that Walmart will voluntarily withdraw and refile the Hart-Scott-Rodino (‘HSR’) notification and report form for the Merger in order to give the Antitrust Agencies additional time to review the proposed transaction,” Walmart stated in its 8-K filing with the SEC on March 27. “The parties originally filed their respective notification and report forms on February 26, 2024. Walmart’s HSR notification and report form was withdrawn effective as of March 27, 2024, and Walmart expects to refile on March 29, 2024.”

The acquisition holds implications beyond Walmart’s electronics section, where the retailer has stated that 70% of Vizio’s TVs are already sold. Its value extends to Walmart Connect, the company’s retail media network, and the advertisements served through Walmart’s ad platform there.

Vizio acquisition’s importance for Walmart Connect

Previously, when Walmart first confirmed its intent to acquire Vizio, it noted that Vizio has 18 million active users. Through the acquisition, Walmart could leverage that user data to bolster ad targeting for Walmart Connect.

Walmart Connect generated $3 billion in sales in 2023 and grew 22% year over year in Walmart’s fiscal fourth quarter.

In the meantime, Walmart has already experimented with personalized and shoppable ads on video platforms, working with both NBCUniversal and Vizio competitor Roku. Notably, it debuted its own romantic comedy series called “Add to Heart” in 2023, featuring in-stream ads on Roku, TikTok and YouTube.

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