MI2N
Music Industry News Network
SUNDAY, AUGUST 28TH
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

Back To The Roots EP 12"LP

Independent Artist Holds Top 10 Billboard Position At #8

Trump Helps Artist Finish Album

Summer In The City Gets A Little Hotter With Uptempo Pop Romp 'L.A. Nights' From Indie Singer/Songwriter/Producer Ayhan Sahin

MusicDish*China Acts Menage And Ooberfuse To Perform China's MTA Festival

Indie Orlando Artist Craymo Releases Pulse Benefit CD

Vancouver Artist Jordan Waller Announces Debut Single "This Feeling"



MusicDish*China Song Blast
Promote Your Music Single In China

News Headlines
Mi2N EDITOR'S PICKS
» Authors Against Music Piracy: Regional Court Munich Sentences Online Service Uploaded To Pay Damages
» Transform Your MIDI File Into An Acoustic Piano Track
» Seattle Digital Label CIN SEA Music Group Signs Distribution Deal With Affluent Records
» CMRRA Announces YouTube Licensing Agreement For Canada
» TuneIn Announces Partnership With Red Bull Music Academy
» BMG US Names Alex Flores Senior Vice President, Marketing, Commercials, Film & Television
» Bandtango Technology Empowers Broadcasters And Artists To Prevent Exploitation By Performance Rights Organizations
» Canadian Rock Band Menage "Lost In China" Tour
» Jade Alger Brings Mischief, Mystique And The Muse
» CES 2017 Music Contest: Open Call For All Musicians And Artists


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

Articles
MUSICDISH E-JOURNAL
» First Tennessee Hires Andrew Kintz To Lead New Music Industry Banking Group
» Carsick Cars, Chui Wan, Alpine Decline Headline October Tour Of North America
» WANG WEN: Experimental Post-Rock Unit To Release Ninth Studio Album
» TMA Signs CCM Artist John Clark Blackwell To Management
» UK Festival Market Driven By "Super Fans"
» CES 2017 Music Contest: Open Call For All Musicians And Artists
» Victory Records Releases Statement On A Day To Remember Court Case
» Digital Domain Jointly Produces Chris Lee's First VR Music Video With Whaley VR And VS MEDIA
» Andy Ma Named As Warner Music Group's Chief Commercial Officer For Greater China
» Qixi Festival (Chinese Valentine's Day) Playlist
» MusicDish*China Acts Menage And Ooberfuse To Perform China's MTA Festival
» 7th Annual Future Music Forum & Sync Summit: Finding The Next Music Industry

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.