MI2N
Music Industry News Network
FRIDAY, APRIL 29TH
Advanced Search
MusicDish Advertising Network
Subscribe to Mi2N's Free Newsletters B2N (business) i2N (indie)
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

New Album "Believe In His Promises" The Mighty Men Of Faith

Award Winning Guitarist Actor Releases New CD

Zen2u Releases Album "Echoes Of Industry"

Gathering Time Sweeps March Folk Radio Chart

NYC-Based Producer & Songwriter Ayhan Sahin Releases Fourth Single 'Love Everybody' From Award-Winning Album 'Pop'

MusicDish*China @ MEF Connects China

The Blue Danes Release Highly Anticipated Debut Album "Invisible And Untouchable"



MusicDish*China Song Blast
Promote Your Music Single In China

News Headlines
Mi2N EDITOR'S PICKS
» Universal Audio And Fender Musical Instruments Announce Development Partnership
» Emerald City Glistens Like A Gem With Beautiful New Studio By Carl Tatz Design
» Insomniac Launches New Underground Brand, Factory 93 With Debut Warehouse Show In Downtown Los Angeles
» Utor Goes Global With Snapchat
» FULLEE LOVE’S SINGLE "SURFBOARD CALI" CONTINUES ITS MOMENTUM WITH 105 RADIO ADDS, 58 IN ROTATION, WHILE CONTINUING ITS STEADY PACE
» Dominic Pandiscia Appointed CEO Of PledgeMusic As The Leading Artist-to-Fan Platform Embraces Growth And Expansion
» Bandzoogle Releases Powerful Theme Design Customization Tools
» TAMC - The Asia Music Conference
» Ep 'Undeniable' On Target For Hot Summer Drop
» Billy Ray Cyrus Joins List Of Artists Standing Up Against Anti-LGBT Bills


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

Articles
MUSICDISH E-JOURNAL
» MusicDish*China @ GMIC Beijing 2016
» Venues Refuse To Pay Songwriters While Profiting From Their Music
» Streaming Is More Than A Wave, It's Now The Sea In Which The Music Business Swims
» Beijing-based Alpine Decline Release "Life's A Gasp" On Maybe Mars Records
» GigCave Reaches Milestones Of 10,000 EPKs And 35,000 Artists
» MusicDish*China Premieres Rainbow Chan's Music Video "Nest"
» Tourism Promotions Board Philippines Partners MTV To Bring Back The Award-Winning MTV Music Evolution Manila
» Billy Ray Cyrus Joins List Of Artists Standing Up Against Anti-LGBT Bills
» Girls With Guitars #8
» Abigail Washburn: The China Update
» Submissions Now Open For The 2016 She Rocks Summer NAMM Showcase In Nashville
» TAMC - The Asia Music Conference

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 © 1997-2015 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.