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Philips sells off its Hi-Fi and DVD business to Funai for $201 million
Philips has decided that there just isn't any money in home entertainment, and as such is flogging off the remainder of its interests to Funai for $201 million. It had already sold its North American TV and DVD operations to the Japanese company back in 2008, but will now package off its whole Lifestyle Entertainment division, which includes global disc players and its Fidelio high-end audio outfit. Instead, Philips will concentrate on profitable sectors such as lighting and healthcare -- so the sooner it can develop a bulb that can kill the sniffles, the better.
