MI2N
Music Industry News Network
SATURDAY, AUGUST 2ND
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 York Rapper LC The General Has A Lot To Say

FM Pilots Skyrockets To Top Of MusicDish*China Indie Song Chart

MusicDish*China Booking Second China Tour For French Jazz Singer Clotilde Rullaud

Longreef, Friend Movement And Abijack Management Join Forces For Launch Of Powerful "Battle Plan" Single And Video

MISSING LINK MUSIC ON ED SHEERAN'S #1 ALBUM

Chaz DePaolo Live: One Night In IONA

Maybe Mars Presents: The XP Sound Vol.1

CONVICTS TAKE ON CONGRESS



MusicDish*China Song Blast
Promote Your Music Single In China

News Headlines
Mi2N EDITOR'S PICKS
» HFA Facilitates Publisher Outreach For Music Recording Platform, Pure Solo
» Senzari Unveils MusicGraph.ai At The GraphLab Conference 2014
» New York Factory Fast Records Releases Fourth Sampler On #VirtualVinyl Format.
» BLACKHOLE FILMS LAUNCHES "COMING YOUR WAY" MUSIC VIDEO
» Clear Channel's IHeartRadio Partners With AdsWizz To Monetize Its Digital Audience
» Pandora Hires Lars Murray As Vice President Of Industry Relations
» FM Pilots Skyrockets To Top Of MusicDish*China Indie Song Chart
» The Association Kreyol Vibrations Presents CARIMEX (Caribbean Islands Music Exposition)
» Guitar Hero Tommy Bolin's First Band Zephyr To See 1969 Debut Album Reissued On Both CD & Vinyl
» Music Legends Jon Anderson And Jean-Luc Ponty Announce Formation Of New Music Ensemble - The Anderson Ponty Band!


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

Articles
MUSICDISH E-JOURNAL
» FM Pilots Skyrockets To Top Of MusicDish*China Indie Song Chart
» Zebra Music Festival (Shanghai) Ticket Giveaway Winners
» MusicDish*China Top 5 Indie Song Chart 07/12-07/18/2014
» Temple Bar 3 Year Anniversary
» Zebra Music Festival (Shanghai) Announces Headlining Acts (Chinese Version)
» Raising Our Voices For Fennie: Benefit Concert Zajia Lab, July 13
» Raising Our Voices For Fennie: Benefit Concert Zajia Lab, July 13 (Chinese Version)
» KANO Premiere At New York Asia Film Fest (Chinese Version)
» Over 90% Of Adults Support The Provision Of Music In Schools
» Why Branding Is More Important Than Ever
» Executive Wach: Tracktion Software Corporation, Liberace Foundation, McNally Smith College Of Music, SPIN, WSOU, Guitar Center
» "Overheard 3" And "Golden Chickensss" Took The Stage At New York Asian Film Festival (Chinese Version)

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 © 1997-2014 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.