Royal Philips has renewed its longstanding licensing agreement with Funai, giving the Japanese OEM ongoing access to the Philips and Magnavox brands in North America.
The multi-year extension provides for the marketing, sale and distribution of Philips- and Magnavox-branded TVs, DVD and Blu-ray players, and Magnavox soundbars throughout the U.S., Canada and Mexico. It succeeds a five-year pact that was set to expire at year’s end.
The licensing renewal follows the recent bankruptcy of Gibson Brands and the dissolution of Gibson Innovations, the guitar maker’s consumer tech division, whose coterie of CE nameplates was acquired from Philips in 2014.
“We’re delighted to announce the extension of our agreement with Royal Philips,” said Ryo Fukuda, president/COO of Funai’s North American operations. “It’s been a very successful partnership for nearly a decade, and we’re excited that we will continue to have the opportunity to represent these great brands.”
Philips has similarly signed a five-year licensing extension with Hong Kong-based TPV, giving it worldwide access to the balance of Gibson’s CE assortment, including headphones, Bluetooth speakers, audio playback speakers and DECT cordless phones, while Jasco will retain access to select accessories and mobile charging and home power products in North America.