Deals
Philips Sells DVD Business as Health Demand Boosts Profit
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Royal Philips Electronics NV, 50 years after unveiling the compact cassette for music mixtapes, agreed to sell its audio and video unit to focus on more profitable cancer scanners and energy-savings light bulbs.
Japan’s Funai Electric Co. will pay 150 million euros ($202 million) in cash and a license fee for the Lifestyle Entertainment unit, said Amsterdam-based Philips, which also invented the compact disc with Sony Corp. The deal is part of a revamp that helped quarterly profit beat analysts’ estimates.