MI2N
Music Industry News Network
SATURDAY, OCTOBER 21ST
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

The Phoenix Keeps Rising!

Sheep Got Waxed First Tour in China

Canadian Singer/Songwriter & Pianist Michael Kaeshammer To Tour China

Harmonica Extraordinaire Sugar Blue Performs In Beijing

Wreckshop Nation Releases Big Moe 4 Ever, A Tribute Documentary To A Legendary Southern Hip Hop Artist

Roger D'Arcy Releases New Album 'House Of Heads'

Hybrid Studios Announces Online Mastering Services



MusicDish*China Song Blast
Promote Your Music Single In China

News Headlines
Mi2N EDITOR'S PICKS
» Coversion, The Sync-Focused Covers Catalog, Launches In North America
» Sampling Techniques For Modern Musicians With Yeuda Ben-Atar
» Universal Music Group Launches Accelerator Engagement Network
» Aneek's Urban Voice To Be Presented In Hollywood
» Global Women's Empowerment Network Launches GWEN Radio And GWEN.Live Website
» Drew Blakeley Announced As VP Of 117 Management
» Soundplate Launch Free Spotify Playlist Submission System
» Rising Singer/Songwriter Julia Michaels To Receive Breakthrough Artist Award At Music Biz 2018 In Nashville
» Out Of This World! The Dawn Of Science Fiction Television Releases For Halloween
» Reservoir Extends Deal With Multi-Platinum, Award-Winning Songwriter-Producer Jamie Hartman


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

Articles
MUSICDISH E-JOURNAL
» Vinyl Evangelist Jack White To Keynote 'Making Vinyl'
» Sync-Focused Covers Catalog Coversion Launches In North America
» Deezer Joins With Esports Team FNATIC For First-Ever Music Partnership
» Most Girls Smell Good Music Promotion Masterclass And Launch Party
» Canadian Singer/Songwriter & Pianist Michael Kaeshammer To Tour China
» SOCAN And Muzooka To Streamline Live Show Reporting For Artists
» Submit Proper Signs Up SRD For Fulfilment
» Harmonica Extraordinaire Sugar Blue Performs In Beijing
» Will One Genre Rule Them All? China's Love Affair With EDM
» China-Based Experimental Rock Soloist HUMANS ETCETERA To Dispatch Intelligent Skeleton
» Career Moves: Live Nation, Warner Music, Capitol Music, Atlantic Records & Allihoopa
» SoundCloud Unveils New Playlist Stat

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.