In the wake of Gibson Brands’ bankruptcy earlier this month, Philips is handing off all A/V licenses previously held by the guitar and audio manufacturer to TPV Technology.
Hong Kong-based TPV and its TP Vision unit have licensed the Philips brand for more than 10 years, and currently make and market Philips-badged TVs, mobile phones, tablets and monitors outside North America.
Under terms of the new agreement, effective June 1, TPV gains worldwide access to the coterie of A/V products and accessories previously licensed to Gibson, including headphones, Bluetooth speakers, audio playback speakers, and DECT cordless phones.
The five-year deal covers sales, marketing and distribution, but doesn’t affect Philips’ longstanding licensing arrangement with Funai Electric-Osaka, which covers TV and video disc players sold under the Philips and Magnavox names in the U.S., Canada, Mexico and select Latin American countries. That deal expires at the end of this year.
See: Philips, Funai Extend Agreement
As part of its Chapter 11 reorganization, Gibson is shedding its Gibson Innovations CE operation, which it acquired from Philips in 2014. Global rights to its jewel-in-the-crown Onkyo brand went to Chinese TV manufacturer TCL last month.
