Philips Opts Out of LCD TV Business, Funai Takes Over
Posted by: Jin on: April 16, 2008
On April 8, 2008, Royal Philips Electronics announced a five-year brand licensing agreement with Funai. Funai will assume responsibility for sourcing, distribution, marketing and sales of all Philips’ consumer TV activities in the US and Canada. The licensing agreement will take effect on September 1, 2008. Philips will receive royalty payments for Funai’s right to use the brand names Philips and Magnavox in Canada and the US. Philips will take a E125 million charge to cover the cost associated with the transfer. Philips will in turn focus on its TV business in Europe and emerging markets.
April 18, 2008 at 6:35 pm
I recently purchased the PET 1030 after my previous Phillips player, the PET1002, died on me. The 1002 was a great player, but with one critical design flaw – the battery is not designed and/or attached in a manner that can withstand a lot of abuse. As I carry the player with me on my daily commute, the battery eventually broke off. Needless to say, I loved the picture on that one, so I decided to stay with Phillips.