MI2N
Music Industry News Network
SUNDAY, JANUARY 22ND
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

DigitalRadioTracker.com Launches Free Searchable Artist/Song Airplay Database

Versatile Haitian American Singer/Songwriter Natalie Jean Releases New Dance Remix

Troy Ave. Featured On New Single 'Crooklyn To Wacocaine' By Hustler E From 'Wacocaine' Fame On Wacocaine 5 Album

Killer Tracks Releases "Tray Dahl & The Jugtime Ragband"

Gig Performer Software Elevates Live Performing Experience Providing Complete And Effortless Control Over A Live Music Rig

Toronto's K-Slick Realeases New Music Video

Singer/Songwriter Katie Garibaldi Original Christmas Song Out Now!



MusicDish*China Song Blast
Promote Your Music Single In China

News Headlines
Mi2N EDITOR'S PICKS
» BuzzAngle Music 2016 U.S.Report
» Roland Displays DJ-808 DJ Controller
» Al Roberson Launches Record Label And Management Company, 4th District LLC.
» "Elton John: The Cut Supported By YouTube" To Be Judged By Jeffrey Katzenberg, Barry Jenkins, Melina Matsoukas
» DigitalRadioTracker.com Launches Free Searchable Artist/Song Airplay Database
» MusicFIRST Announces Chris Israel As Executive Director
» Radical Indie Announces Exponential Growth, Offers $12,000 Cash To Help Indie Artists Reach New Fans
» Music+Sound Awards 2017 - Global Call For Entries
» Italian Artist Releases New Worship Project
» Philly Inspirational Singer-Songwriter Eddy Mann Wins At 2016 Kindred Awards


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

Articles
MUSICDISH E-JOURNAL
» China's Leading Streaming Platform To Talk Strategy At Midem 2017
» An Open Letter To President Donald J. Trump
» The Wu-Force Self-Titled Debut EP Out For Lunar New Year
» Grammy Museum Plans International Expansion In China
» Midem Artist Accelerator Call For Entries Open
» DPA Microphones Launches New Chinese Website
» Mercedes-Benz Extends Naming Rights Partnership For Mercedes-Benz Arena In Shanghai
» MusicDish*China Caps Busy 2016 Music Touring Season Across China
» Second Hand Rose In 2016 - Bringing Chinese Rock Into The Mainstream
» Fulcrum Acoustic Appoints Ease Audio Group As Distribution Representative For China
» Black Kirin Opens 2017 With New Members At Beijing's Yugong Yishan
» World Creators Forum Held In Beijing

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.