It took almost exactly a year, but Philips is finally free of its pesky, money-losing TV problem. As planned, the company transferred its television business into a joint venture with Hong Kong-based TPV Technology called TP Vision - an arrangement that endows TPV with a controlling 70 percent stake. Though the sale was first detailed a year ago, Philips only announced today that the transaction had closed. Now that it has, the newly formed company will produce Philips-branded TVs in a bid to make it one of the "top three players," according to TP Vision chief Maarten de Vries.
Engadget, Philips officially out of the TV business as sale to TPV Technology closes
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