End of an era: Philips sells out its HDTV division
Philips has been a major player in the HDTV industry for awhile now, but it seems even that couldn’t save it or make it turn a profit. After 80 years, the new CEO has decreed that history will end as of very soon.
Philips stated that their HDTV division lost the company €87 million in the first quarter — Philips will be selling the majority stake in it to Hong Kong manufacturer TPV Technology, but keeping a 30 percent ownership part and royalty payments of €50 million per year from 2013 onwards, making it a win-win deal for Philips all the way around.
It’s a sad end to a era of solid quality HDTV units, but the economy has spoken and dictated a change in strategy, and we’re here to cover it, as usual. We’ll update this as it becomes final.