B. Riley & Co., a full service investment bank, announced the closing of a series of refinancing transactions that have completely restructured the outstanding significant debt of Gibson Brands, Inc. Gibson, as we have reported on regularly, entered the consumer electronics space back in 2012, investing in brands such as Onkyo/Integra, Teac, and buying Philips accessory business. Recently, the company appeared to be running into debt difficulties, perhaps from taking on debt to purchase these companies.
Financial
Samsung Makes a Strategic Investment into an IoT Security Company
Samsung Electronics has made another major investment in the Internet of Things (IoT) space, becoming an early stage Series A investor in Bayshore Networks. The company made the investment via its Samsung NEXT Venture fund, an investment fund created by the company to find and take positions in companies that are driving businesses that will yield future profits for the company.
Who is Bayshore Networks and why did Samsung invest in them?… [Read more…] about Samsung Makes a Strategic Investment into an IoT Security Company
D+M Group Sold From One PE Company to Another
We learned Wednesday that private equity powerhouse Bain Capital has apparently found a buyer for D+M Group, selling it off to another private equity company – Boston-based Charlesbank Capital Partners. CCP is the owner of DEI Holdings, a division of which is Sound United LLC, parent company of Polk Audio, Definitive Technology, and Polk BOOM. It is Sound United that will now also take over D+M Group and its brands Denon, Marantz, HEOS by Denon and Boston Acoustics.
See more on what we know about this deal for D+M… [Read more…] about D+M Group Sold From One PE Company to Another
Massive $6.3 Billion Writedown is Tanking Toshiba, Could It Collapse?
Toshiba Corp. announced yesterday that it will take a $6.3 billion writedown to account for the meltdown of its nuclear division. This amount of writedown is much higher than the markets had anticipated, forcing Toshiba into crisis mode having to secure lending commitments from their banks, reorganize their nuclear division, and sell assets to offset their losses.
Is Toshiba near the tipping point?… [Read more…] about Massive $6.3 Billion Writedown is Tanking Toshiba, Could It Collapse?
Film Flops Force Sony to Take $1Billion Writedown
Sony Corps’ struggling film division, which hasn’t seen a major hit movie in a long while, has finally forced the company to take a writedown against third quarter earnings of a substantial $1 billion. The difficult decision was necessary to adjust or right-size the value of their operations and will mostly be booked against goodwill – to reset the value of the various film-related divisions.
Why is Sony CEO Hirai setting up an office in Culver City, California?… [Read more…] about Film Flops Force Sony to Take $1Billion Writedown
Sprint Throws a Life Preserver to Drowning Tidal
Cash Infusion Buys Time for Struggling Service
Tidal, the musician-owned music streaming service put together by rapper Jay Z, announced this week that it has sold a third of the company to telecom giant Sprint. Although the original announcement did not disclose the price, Billboard, the music industry trade journal, said that Sprint invested $200 million for a 33% stake in the company.
See more on the dynamic situation surrounding Tidal… [Read more…] about Sprint Throws a Life Preserver to Drowning Tidal
Samsung Chairman Named as Suspect by Prosecutors in Political Probe
After a tough 2016, Samsung was likely looking for a little relief in 2017. They’ll have to keep looking because, as the old saying goes, “When it rains, it pours.” Reuters is reporting that prosecutors in South Korea have summoned Samsung Group leader Jay Y. Lee for questioning in a probe into an influence peddling scheme that may topple the president of the country and offer criminal indictments for some of the players.
Lee has been named as a suspect in the matter.
See more on this widening scandal and the risk to Samsung… [Read more…] about Samsung Chairman Named as Suspect by Prosecutors in Political Probe
Technology Integrator Prints Its Last Magazine
Calling 2016 “a year of transition,” NAPCO Media announced yesterday that it has printed its last Technology Integrator (TI) magazine – deciding to withdraw from print media and reinvent itself into an online-only property. The move has been rumored for weeks, and in an online post yesterday attributed to the “TI Staff”, the company made the news official.
See more on what’s going to happen with Technology Integrator… [Read more…] about Technology Integrator Prints Its Last Magazine
Not Again! Another Big, Bad Surprise from Toshiba
Loses Almost a Third of Its Total Market Value in 2 Days
Toshiba Corps. stock price plunged 30% this week as the company announced it is facing the prospect of booking a potentially multi-billion dollar writedown related to an acquisition made by its U.S. unit, Westinghouse Electric. The acquisition was related to the construction of two nuclear power plant projects being built in the U.S. as the company made a big bet on a nuclear renaissance in the U.S. power structure – a bet that is not paying off.
Toshiba President apologizes for a potentially multi-billion dollar writedown… [Read more…] about Not Again! Another Big, Bad Surprise from Toshiba
iRule & OnControls Acquired by Kramer Electronics
iRule’s CEO Ben-Gal Talks to Strata-gee About Acquisition
Kramer Electronics, a maker of hardware-centric control solutions for the commercial audio/visual market, has acquired Detroit, MI-based iRule, a fast rising provider of software-based home control and automation solutions – including their OnControls residential line – in a private transaction that closed last Friday, December 23rd. The terms of the deal, including valuation, were not disclosed, but iRule co-founder and CEO Itai Ben-Gal told us this deal was the logical conclusion to a now multi-year relationship between the companies.
