Samsung is paying $350 million for audio brands Bowers & Wilkins, Denon, Marantz and Polk
Harman International, a wholly owned subsidiary of Samsung, is purchasing the audio business of health technology company Masimo for $350 million in cash. The deal is expected to finalized by the end of 2025, though it's still subject to regulatory approvals. Samsung purchased Harman International back in 2017 for $8 billion, though it allowed the company to operate as an independent subsidiary. Harman's brands include JBL, Harman Kardon, AKG, Mark Levinson, Arcam and Revel. If and when the acquisition pushes through, Masimo's audio brands under Sound United will be added to the list, including Bowers & Wilkins, Denon, Marantz and Polk Audio.
It is unclear if the purchase will lead to layoffs, but it sounds like Harman is taking on Sound United's employees. "Built on a shared legacy of innovation and excellence in audio technology, this combined family of brands, together with the talented employees of both companies, will deliver complementary audio products, strengthen our value proposition and offer more choices to consumers," said Dave Rogers, the President of Harman's Lifestyle division.
As noted by The Verge, Samsung published a press release, where it briefly talked about the history of the brands it's acquiring. It mentioned some of Bowers & Wilkins' most iconic products, such as the Nautilus loudspeaker (pictured above) and its Zeppelin wireless speaker, as well as Denon's history as an early adopter of the CD player. Harman had a 60 percent market share in portable audio devices last year, and the company is looking to maintain that position with this purchase. "By combining the audio business of Masimo, which is being acquired this time, with Harman’s lifestyle business division, the company plans to solidify its global No. 1 position in the consumer audio market," Samsung said. Samsung also plans to apply the new brands' audio technologies to its smartphones, TVs, wireless earphones, soundbars and other devices in the future. This article originally appeared on Engadget at https://www.engadget.com/audio/samsung-is-paying-350-million-for-audio-brands-bowers--wilkins-denon-marantz-and-polk-131514754.html?src=rss
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