Philips gets out of the television business

After 80 years, Philips is getting out of the television business, entering into a long-term partnership with Hong Kong’s TPV Technology to form a new company that will develop and market televisions under the Philips brand. The new joint venture will be 70 percent owned by TPV, with Philips controlling the remaining 30 percent with an option to unload it in as soon as five years. In exchange, Philips will receive royalties of at least €50 million per year and a proportion of sales.

Philips Aurea HDTV

“The partnership will help create the scale and focus needed for our Television business to return to profitability and to be successful in the very dynamic television industry,” said newly-installed Philips CEO Frans van Houten. “We are committed to the continuity of Philips Televisions in the market through this venture.”

Philips was one of the last television producers in Europe, and its departure from the consumer market basically leaves European TV production to high-end niche manufacturers like Bang & Olufsen and Loewe AG.

The company’s departure from the television business is just the latest withdrawal of Philips from the consumer marketplace: the company had previously left the mobile phone business, sold off its semiconductor operations in 2006. Philips had previously sold its computer display business to TPV back in 2004. Philips’ TV business had lost money for the last four years and was expected to post another loss this year; it employs about 4,000 people. Industry-watchers expect some of those employees will transition to the new joint venture; under the deal, the new company will be responsible for designing, manufacturing, and selling Philips-branded TVs around the world, with notable exceptions like mainland China, the United States, Canada, Mexico, India, and selected South American markets.

Philips’ new CEO Frans van Houten took over the company earlier this month, and had stated from the outside that addressing issues with the television division would be one of his top priorities—although few had expected Philips to simply walk away from it. Philips remains a world leading manufacturer of health care and lighting products, as well as selected consumer products like baby monitors, toothbrushes, razors, and electronic accessories.

Home Theater

In surprise announcement, OnePlus says it’s going to make a smart TV

Smartphone manufacturer OnePlus says it will release a smart TV. CEO Pete Lau will head up a new division of the company, and has hinted the TV will be simple to use, and will feature artificial intelligence.
Movies & TV

Disney Play: Here’s what we know so far about the upcoming streaming service

Disney is bringing the full weight of its massive content library to its own streaming service in 2019. How will Disney Play compare to Netflix, Hulu, and Amazon Prime? Here's what we know so far.
Movies & TV

September brings 'The Dragon Prince,' an animated war series, to Netflix

Looking for a new show to binge? Lucky for you, we've curated a list of the best shows on Netflix, whether you're a fan of outlandish anime, dramatic period pieces, or shows that leave you questioning what lies beyond.
Home Theater

Time for a TV upgrade? Here’s what you need to know about 4K Ultra HD TV

Ultra HD 4K has quickly taken over the world of TVs. But what is Ultra HD 4K, how does it work, and most importantly, should you upgrade, or keep your old TV? We explain it all right here.
Movies & TV

Brie Larson powers up in the first 'Captain Marvel' trailer

Academy Award winner Brie Larson will play Captain Marvel in the upcoming Marvel Studios movie hitting theaters in March 2019. Here's everything we know about Marvel's first female-led superhero movie.
Movies & TV

2018 Emmy Awards winners: The night of ‘Mrs. Maisel’ and diversity

The 2018 Primetime Emmy Awards, hosted by Colin Jost and Michael Che, was full of laughs and drama, as well as some surprises. Here is the full list of nominees, winners, and highlights from the show.
Home Theater

Bowers & Wilkins’ upgraded 600 Series speakers hit stores

Bowers & Wilkins has revamped its entry-level speaker lineup, borrowing some goodness from the company's flagship 800 Series speakers, which brings a more refined sound signature while keeping impressively low price points. What's not to…
Home Theater

Thanks to Dish Network, you can now watch live TV on American Airlines flights

Are you headed on a cross-country flight but don’t want to miss any of the fall TV premieres? Dish Network and American Airlines have partnered to bring 12 live TV channels to 100 aircraft, with plans for that number to jump to 700 in…
Home Theater

The B-Sharp turntable proves high-end audio can become a family heirloom

European Audio Team's B-Sharp turntable offers high-end buyers gorgeous sound and an astonishing build quality, making it a fantastic choice for those who are looking for a lifelong addition to their audio arsenal.
Home Theater

Want to save your favorite film? Here's how to fix a scratched DVD or CD

A scratched edition of your favorite DVD is no good, but our guide will show you how to fix a scratched DVD, whether you prefer to repair it using a smattering of peanut butter or Mr. Clean's Magic Eraser.
Home Theater

TV calibration 101: Here's how to tune up the picture of your new TV

You’ve got your new TV out of the box, but now what? Our TV picture adjustment guide takes you through the simple steps to get the best picture from your brand new TV so you can set it and forget it.
Movies & TV

More photos from 'It: Chapter Two' bring more Pennywise (and nightmare fuel)

A second film based on Stephen King's novel It hits theaters in September 2019. Here's everything we know about It: Chapter 2, which is set 27 years after the events of 2017's box-office blockbuster, It.
Deals

Cyber Monday 2018: When it takes place and where to find the best deals

Cyber Monday is still a ways off, but it's never too early to start planning ahead. With so many different deals to choose from during one of the biggest shopping holidays of the year, going in with a little know-how makes all the…
Movies & TV

‘Black Panther’ director Ryan Coogler gets assist on LeBron James’ ‘Space Jam 2’

LeBron James has brought on Black Panther director Ryan Coogler to produce his upcoming Space Jam sequel, with Terence Nance attached to direct the film. Space Jam 2 is expected to begin production in 2019.