Philips Spins Off Troubled TV Business

Posted: Apr 18 2011, 4:51am CDT | by , Updated: Apr 18 2011, 12:07pm CDT, in News | Home Entertainment


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Today Philips announced plans to form a joint venture with TPV for its TV business.

Philips has long been a major TV brand. Today things changed. Philips TV business generated 87 million Euro in after tax losses. To fix this on the balance sheet, Philips is forming a joint venture with TPV for Philips TVs. Philips will only hold 30% of this new company. The Philips brand will survive, but without much of Philips involvement.

Chinese TPV is a display solution provider to ODM and also offers their own brands with AOC and Envision.

It is hard to predict where Philips TVs will be going from now on. Philips had already regional TV deals in place though. In 2008 Philips struck a deal with Funai to produce and market Philips TVs in the U.S. and Canada.

Since then Philips TVs has maintained a unique design and feature set (e.g. Ambilight). If Philips TVs will now become more "mainstream" with TPV remains to be seen. The TV market has become very tough. The very strong rise of Korean Samsung and LG in the TV market is likely what killed Philips.

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<a href="/latest_stories/all/all/2" rel="author">Luigi Lugmayr</a>
Manfred "Luigi" Lugmayr () is the founding Chief Editor of I4U News and brings over 25 years experience in the technology field to the ever evolving and exciting world of gadgets, tech and online shopping. He started I4U News back in 2000 and evolved it into vibrant technology news and tech and toy shopping hub.
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