MI2N
Music Industry News Network
FRIDAY, MARCH 6TH
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

Award-Winning Soprano Andrea Plamondon Releases New EP 'Lady Of The Leaves', A Trilogy Of Arias

MusicDish Review: Marilyn Music Single "Smoke And Mirrors"

Andre Xcellence! & American Commission Release The Official Video For "Game Of Thrones"!

Anouschka Bridges African Pop With Western Songwriting

GRAMMY Gold For Rob Chiarelli

Soundizers Announces The Release Of StereoMonoizer

Free Eventide Looper For All H9 Owners For Limited Time

Robert Kramer Releases "Branded" For Valentines Day



MusicDish*China Song Blast
Promote Your Music Single In China

News Headlines
Mi2N EDITOR'S PICKS
» Kobalt Closes $60 Million In Funding To Scale Its Technology And Services For Songwriters, Artists And Rights Owners Globally
» Sennheiser Brings Transcendent Audio To Public Television For Front And Center Entertainment’s Speakeasy
» Brooklyn-Based Music Incubator Signs Kerchief To Artist Development & Distribution Deal
» MusicDish Review: "Games Of Thrones" Music Video By Andre Xcellence
» The Free Radio Alliance Rejoins The Fight To Oppose The Performance Tax
» ASCAP Promotes John Johnson To SVP, Licensing
» WorldArts Launches As The First-Ever Digital Discovery Platform Connecting Artists With Music Fans And Exclusive Opportunities For Worldwide Exposure
» Berklee Hosts Its 10th Annual SXSW Party: Boston And Beyond On Thursday, March 19
» TheRealDBlake To Release New 2015 "Mixtape & Music Video"
» HAIDUK Entering Studio To Record Follow Up Album To 'Spellbook'


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

Articles
MUSICDISH E-JOURNAL
» GoaProductions Presents 2015 Spirit Tribe Gathering
» Conductor Long Yu Announces The Creation Of A New Music Canon - COMPOSE 20:20
» China Arts Foundation International 2nd Annual Chinese New Year Gala
» Avent Studio: A Touch Of Beijing Art In NYC
» Hampton Hotels Leverages Music And Emotion
» Ebook And Music Downloads Stagnate While Mobile Games And Videos See Strong Growth
» BakerHostetler Files Copyright Infringement Complaints For Freeplay Music Against Multi-Channel Networks
» Tim Lies Releases Chengjsihan Song For Chinese New Year
» CISAC Releases 2015 Global Collections Report
» Lauren Ceradini Joins Capitol Music Group As Vice President Of Publicity
» Asian Song Placements On Colectivo Bunka Compilation By MusicDish
» Sanlitun's FUBAR: The Latest Entry In Beijing's Live Music Scene

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.