Philips announced it's leaving the consumer electronics business after 80+ years. The company announced it will sell its audio, video, multimedia and accessories divisions to Japanese company Funai Electric Co. Full details at TechSpot.
The decision to sell comes after Philips reported a steep net loss for the fourth quarter. The loss was largely in part to charges surrounding a restructuring effort as well as a fine for price fixing, according to the Wall Street Journal. We’re told that Funai Electric Co. picked up the assets for €150 million ($201.8 million) in cash and a brand-license fee.
Philips was once considered a pioneer in the field of consumer electronics. In the 1930s, they were the world’s largest supplier of radios. They invented the audio cassette in 1963 and created the first videocassette recorder in 1972. Just over a decade later they were responsible for creating the compact disc. They were also instrumental in the rise of DVD and Blu-ray formats.