Philips Sells Remaining CE Business to Funai

Justin Rivera peers through Philips' Fidelio ($299) AirPlay-enabled speaker, which features 360-degree surround sound effect, rechargeable battery and streaming.

Philips Electronics has made its last exit from the consumer electronics industry. The company sold its audio, video and accessories segments to Funai, the Wall Street Journal reported.

The deal was for the equivalent of $201.8 million.

The sale ends 80 years in the industry for the Dutch manufacturer.

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