Bose Corporation founder gives majority share of company to MIT

bose-corporationConsumer electronics company Bose Corporation was founded in 1964 by Amar Bose. The 81-year-old billionaire, who is a graduate of and former professor at the Massachusetts Institute of Technology, has gifted a majority share of his company to the school, The Boston Globe reports. Bose accepted a job at the school after his graduation and continued teaching there until 2001, all in addition to his duties as the head of a major company.

The majority share comes with a few attached strings. MIT hasn’t been given any voting rights, and so won’t be able to make any decisions with regards to how the company is managed. The school also will not be permitted to sell off its company holdings. The gift is more of a long term contribution than anything else, as the school will receive cash dividends whenever the company pays them. The company wouldn’t comment on the total value of the gift, but 2010 earnings for Bose Corporation exceeded $2 billion.

“Amar Bose gives us a great gift today, but he also serves as a superb example for MIT graduates who yearn to cut their own path,” university president Susan Hockfield said in a statement.

Bose — the company, that is — is of course a major player in today’s consumer audio market. It is best known for its line of headphones and speakers, though the company also makes car stereo systems, commercial audio solutions and a patented automotive suspension system, which is built on the same technology that powers the audio noise reduction in Bose products.

The company founder offered no indication as to what motivated his decision to give the generous gift, but the Globe, speaking to Chronicle of Philanthropy managing editor Heather Joslyn, notes that such acts are not unusual among the wealthy. What is unusual is the recipient, as Joslyn could cite no other examples of a company founder donating such a large amount to a single university.

Cars

How General Motors is preparing for an electric, autonomous, connected future

How does an established automaker like General Motors adapt to new tech trends? By looking for people and solutions outside the mainstream, says Ken Kelzer, GM VP of global vehicle components and subsystems.
Deals

One of the best noise-canceling headphones, the Bose QuietComfort 25, is on sale

The Bose QuietComfort 25 rank among the best noise-canceling headphones on the market, but they're not cheap with a sticker price of $200. Now, you can score a pair for just $140 from Rakuten for a limited time, the best deal since Prime…
Movies & TV

Stay inside this summer with the best shows on Hulu, including 'Castle Rock'

It's often overwhelming to navigate Hulu's robust library of TV shows. To help, we've put together a list of the best shows on Hulu, whether you're into frenetic cartoons, intelligent dramas, or anything in between.
Product Review

These headphones deliver Bose-caliber silence at a Panasonic price

The name might be a mouthful, but Panasonic’s new noise-canceling headphones offer some of the best value in the segment. Here’s how Panasonic’s RP-HD605N compete with the major players from Sony and Bose.
Home Theater

Dish Network or DirecTV: Which is the better choice for you?

So, you’ve chosen to go with a satellite television provider. Check out our quick rundown of what both Dish Network and DirecTV offer in terms of content, hardware, and pricing, and why you might choose them over streaming services.
Home Theater

Apple Music recommendations could get superpowers thanks to latest acquisition

Following the approval of its Shazam acquisition, a new report has surfaced saying that Apple has acquired music analytics firm Asaii, with its founders now members of the Apple Music team.
Product Review

For picture quality on a budget, Vizio's new P-Series is absolutely unbeatable

Vizio’s P-Series TV line has always been the best among the brand’s long run of budget-friendly TVs, but this year’s model has really stepped up. While the competition is also improving, Vizio’s latest P-Series keeps the brand among…
Home Theater

Google Translate busts out of Pixel jail, now works on any Assistant headphones

The best feature of Google’s Pixel Buds was the built-in real-time translation. Now that incredibly useful feature is available on any headphones that feature Google Assistant integration.
Home Theater

Set your ears free with the best completely wireless earbuds

If you can't stand the tangle of cords, or you're just excited about completely wireless earbuds, you're going to need some help separating the wheat from the chaff. Our list serves up the best wireless earbuds around.
Home Theater

HDMI 2.0b is a whole lot more than just a connection to your TV

HDMI 2.0b is the backbone for many of the latest updates in 4K UHD technology. And while a new cable standard can often involve a bunch of changes for consumers, that is not the case this time around.
Movies & TV

Celebrate the 25th anniversary of ‘The X-Files’ with the show’s 10 best episodes

The X-Files premiered 25 years ago, so here are the 10 best episodes of the award-winning sci-fi series. From alien-abduction drama to hilarious satires, these are the best episodes from all 11 seasons of the hit series.
Movies & TV

Latest 'Daredevil' season 3 preview puts the spotlight on Wilson Fisk

Season 3 of Daredevil will premiere October 19 on Netflix, so here is everything we know about the next set of adventures featuring Marvel Comics' man without fear before the third season's debut.
Music

How to convert and play FLAC music files on your iPhone or iPad

The high-resolution revolution is upon us, and FLAC files are a popular way to store hi-res sound. But what if you’re an iOS user? Check out our article to find out more about FLAC files, and how to use them on Apple devices.
Home Theater

Put your home theater to the test with these spectacular Blu-ray releases

What's the point of having all of that awesome home theater gear if you can't breed a little jealousy in your friends and family? We've put together this list of fantastic Blu-rays that have the goods to drop a few jaws.