Royal Philips Electronics has signed a deal to sell its consumer-oriented lifestyle entertainment division to Funai Electric.According to Philips' announcement today, Funai is paying 150 million euros ($202 million) for the division, which includes audio, visual, runescape 3 power leveling multimedia, and accessories. Funai will also license the Philips brand for five-and-a-half years.Philips' lifestyle entertainment division is made up of a wide range of consumer products, including the company's home speakers, DVD players, and headphones. Although those products will still be available with Philips branding, Osaka, Japan-based Funai will be developing them.Related storiesPhilips Hue smart lightbulbs glow any colorFacebook raises the curtain on its new U.K. engineering office Tech giants to talk patent reform at the U.N.It was 30 years ago today the CD began to playWikipedia to Philip Roth: Hey, you're not credibleAccording to Philips CEO Frans van Houten, the move is designed to refocus Philips' consumer operations around health and well-being. He also runescape power leveling reassured customers about his company's consumer-focused future."I am confident that today's agreement with Funai, our partner for over 25 years, will create a promising future for Philips Audio, Video and Entertainment, and continuity for our customers," he said.Philips expects the deal to close in the second half of 2013.
Philips sells audio, video unit to Funai for $202 million