Philips Getting Out of the TV Business

By |


philips_brand_page_logo.pngPhilips, after closing down Philips Pronto, is reportedly selling 70 percent of its European TV operations, according to TWICE. Philips will sell the operations to the Hong Kong-based TV and PC monitor manufacturer TPV. This is, as many of Philips recent actions have been, an attempt to curb profit declines.

Additional Resources
• Read more industry trade news from HomeTheaterReview.com.
• See other stories like this in our LCD HDTV, LED HDTV, and Plasma HDTV news sections.
• Find the TWICE article on their website.

Philips plan outlines a joint venture between Philips and TPV in a 30/70 split. Philips will also retain the option to sell off the remaining 30 percent to TPV.

This is not the first time Philips has done something like this. Previously, Philips licensed the use of the Philips and Magnavox brands to the Japan-based Funai.

All 3,600 employees at the European TV business will transfer to the Hong Kong company.

Could this be the last gasp of Philips?


  • Comment on this article

Post a Comment
comments powered by Disqus

Latest Industry Trade News

Oct 15
Ten Reasons Why Brick-and-Mortar AV Stores Aren't Going Away Anytime Soon It's not dead yet. Heck, it's barely even resting. Jeff Berman digs into ten advantages that brick-and-mortar AV retail has over online.
Ten Reasons Why Brick-and-Mortar AV Stores Aren't Going Away Anytime Soon

Aug 16
New Audiophile Show Coming to Tampa in February 2019 The Florida Audio Expo just announced its inaugural show. This show will be held on Friday February 8th through Sunday...
New Audiophile Show Coming to Tampa in February 2019

Aug 13
Onkyo To Distribute TEAC in Americas Onkyo just announced it has acquired exclusive distribution rights to market and distribute TEAC home audio products in the U.S....
Onkyo To Distribute TEAC in Americas

Jun 25
The Impact of Trump's Tariffs & Tax Cuts on the CE Industry We don't make a habit of discussing politics here at Home Theater Review, but new tariffs and tax cuts stand to have an enormous effect on our industry.
The Impact of Trump's Tariffs & Tax Cuts on the CE Industry

May 28
With Prices Falling, Why Aren't More People Getting Into Specialty Audio? You can get higher-quality audio products for less money than ever before. Why then, wonders Jerry Del Colliano, isn't that increasing demand?
With Prices Falling, Why Aren't More People Getting Into Specialty Audio?