Philips Sells 70% of TV Business to TPV Technology

Bloomberg:

Philips will bundle its TVs, which the Amsterdam-based company first produced in 1928, into a partnership that will be 70 percent owned by Hong Kong-based TPV Technology Ltd., it said today. Philips will retain the rest and receive royalties of at least 50 million euros ($72 million) annually starting in 2013.

Philips is just continuing to exit high-tech hardware enterprises:

Philips sold a semiconductor business in 2006, got out of mobile phones, and sold a personal-computer monitor business to TPV for about $358 million in 2004.

And at the end of 2007 Philips divested almost all of its equity stake in LG.Philips LCD, a joint venture with LG. Just two months later the company changed its name to LG Display.