Philips pulling out of the US TV market, Funai licenses name
Electronics maker Philips announced today that they are pulling out of the television business in the US market and will be licensing its name to Funai.
In addition to being able to sell and market TV’s under the Philips name Funai will also be getting the Magnavox name and have full access to Philips’ R&D which includes the ‘Eco TV’ line of energy efficient televisions shown off at CES in January.
This is scheduled to take effect on September 1st and will last for at least five years.
Tetsuro Funai, President and CEO of Funai Electric Co., Ltd, says in the press release “Philips and Funai have a long history together, and we are proud to be the trusted partner charged with managing this important and high profile product category for Philips.”