MI2N
Music Industry News Network
SATURDAY, MARCH 25TH
Advanced Search
MusicDish Advertising Network
HOME | FREE NEWS SUBMISSION | PREMIUM PR DISTRIBUTION | PR COPYWRITING | RSS FEEDS | TESTIMONIALS | CONTACT

Sections: Band | Business | Career | Events | Label | Music Releases | Radio | Tech | Video | Web Events
Genres: Country/Folk | Dance/Electronica | Jazz/Blues | Latin | Rock | Urban | World
International: Asia | Canada | Europe

Advertise | Artist Development | Submit Video | MusicDish*China | MusicDish e-Journal | MusicDish Network | Urban Music News Network
Business News (more headlines) 05-03-2014

Gibson Brands Announces Agreement To Acquire Philips' Audio And Home Entertainment Business

Bookmark and Share

As part of its continued growth and diversification in the music and audio lifestyle arena, Gibson Brands, Inc. (www.gibson.com) today announced that it has signed an agreement with Royal Philips (NYSE: PHG, AEX: PHIA) to acquire WOOX Innovations, the audio, video, multimedia and accessories business of Philips. Under the terms of the agreement, Gibson Brands will pay $135 million and a brand license fee, relating to a license agreement for an initial period of 7 years. The deal is expected to close in the second half of 2014, subject to customary conditions, including regulatory filings and works council procedures.

"Philips and Gibson Brands have played significant roles in shaping the home entertainment and music industries and with this agreement the Philips brand will continue to be an innovation leader in this space."

Gibson Brands, based in Nashville, USA, has in recent years invested in audio brands including Onkyo and TEAC as part of its ambition to become a global leader in music and sound. This transaction will leverage Gibson Brands' strong market presence in the U.S. and Japan, and WOOX Innovations' market strength with Philips-branded audio and home entertainment products in Europe, China, Latin America and other growth geographies.

"This agreement is the most significant step yet in Gibson Brands' journey to become the largest music and sound technology company in the world," said Gibson Brands chairman and CEO Henry Juszkiewicz. "By acquiring Philips' audio and home entertainment business, our goal is to continue to provide the most exceptional consumer audio products and experiences in the world. I am thrilled to extend the reach of Gibson Brands around the world and to welcome this great team to the Gibson family."

"With this transaction, we are taking another important step in Philips' transformation to become a leading technology company in health and well-being," said Philips chief executive officer Frans van Houten. "Philips and Gibson Brands have played significant roles in shaping the home entertainment and music industries and with this agreement the Philips brand will continue to be an innovation leader in this space."

The video business will stay with Philips until a transfer to Gibson Brands in 2017. Until that time, a distribution agreement will be in place, whereby WOOX Innovations will be fully responsible for the marketing and sales of Philips-branded optical video products.

WOOX Innovations, headquartered in Hong Kong with approximately 1,900 employees worldwide, is a global and profitable business driving the Philips brand in sound, home entertainment and related accessories.

Bookmark and Share

back | top



MusicDish Advertising Network

Mi2N Music PR

Killer Tracks Launches New Production Music Label - ICON With 16 New Album Releases

Mega Ran Takes To UK For Spring Tour

Hybrid Studios And Orange County Production House Hold ReverbNation Sweepstakes

Auditions For All Music Fest And Sustainability Conference Announced

COUNTDOWN TO BET Pre-Party & VIP BET AFTERPARTY Are Two Exciting INDUSTRY EVENTS & Opportunities For 'NEXT TO BLOW' ARTISTS To Perform BET AWARDS Weekend June 24-25 In L.A.

Hybrid Studios Hosts HSYAT Battle Of The Bands 2017

Earl & The Steadies Sign With MusicDish For Representation In China



MusicDish*China Song Blast
Promote Your Music Single In China

News Headlines
Mi2N EDITOR'S PICKS
» Entertainment Goes Pay Monthly For The First Time As Access Trumps Ownership
» ROLI Releases Beta Version Of BLOCKS Dashboard
» Heart Dance Scores Several Nominations At Prestigious Award Show
» Audiam + SOCAN Provide New YouTube Service
» WXPN Names Talia Schlanger As New Host Of World Cafe Syndicated Music Radio Program
» Kevin Kelleher Named Chief Operating Officer Of Sony Music Entertainment
» Fan-Powered Event Crowdsourcing Platform Stagelink Expands To The United States Of America
» Calgary's YYC Music Awards 2017 Submissions Now Open!
» Dominique De Beau Presents Her New Track 'All I Want'
» 25 Artists Up For Best Independent Album Of The Year In Europe


Get your music news covered...
Have your press release written
by the pros at Mi2N

Articles
MUSICDISH E-JOURNAL
» Jackson Wong Named As Managing Director Of Warner Music China
» Avex Group Rediscovers Mainland China Market
» Peermusic And Hamshore Tang Win Lawsuit Against Chinese Label YY
» Earl & The Steadies Sign With MusicDish For Representation In China
» Armada Night - China
» NYC's Chinese-American MC Bohan Phoenix Releases New EP 'JALA'
» Music Marketing Agency Syn Launches Beijing Office
» Warner/Chappell Production Music Promotes Aaron Gant To Senior Vice President Of Production
» World Blues & Roots Band Harper And Midwest Kind China Tour
» ASCAP Expands Asia-Pacific Strategy
» Why Do So Many Music Technology Startups Fail?
» New Report Debates Future Of Arts & Culture Ticketing

Mi2N's Music PR distribution service guarantees online exposure for your press release. Choose from seven (7) different packages.


HOME | FREE NEWS SUBMISSION | PREMIUM PR DISTRIBUTION | PR COPYWRITING | RSS FEEDS | TESTIMONIALS | CONTACT

Sections: Band | Business | Career | Events | Label | Music Releases | Radio | Tech | Video | Web Events
Genres: Country/Folk | Dance/Electronica | Jazz/Blues | Latin | Rock | Urban | World
International: Asia | Canada | Europe

Advertise | Artist Development | Submit Video | MusicDish*China | MusicDish e-Journal | MusicDish Network | Urban Music News Network
Copyright © 1997-2017 MusicDish LLC, all rights reserved. Text, graphics, and HTML code are protected by US and International Copyright Laws, and may not be copied, reprinted, published, translated, hosted, or otherwise distributed by any means without explicit permission.