LG Reportedly Discussing TV Business Sale To Hisense

AFTER almost 60 years in the television market, LG is reportedly considering selling its television business to Chinese electronics giant, Hisense.
Driven by shrinking profits and intense competition from rival manufacturers, LG executives have allegedly met with Hisense in Beijing to discuss a potential sale.
This means LG could be preparing another major exit from the consumer electronics arena.
A new report from Korean news outlet, EBN, claimed LG was in talks to sell its entire television business to Hisense.
According to the report, senior LG executives visited Beijing recently for talks with Hisense officials on a possible restructuring or total sale of the unit.
If the sale happens, it would be the end of an era. For close to 60 years, LG has been a mainstay in the television industry, originating in 1966 when its predecessor, GoldStar, brought out Korea’s first black-and-white television.
However, LG has in recent times faced falling profits and intense competition from Chinese television brands that are aggressively undercutting traditional manufacturers on price.
This is the same reason that recently caused Sony to sell a majority stake in its own television business to TCL.
LG also made the tough decision in 2021 to pull the plug on its popular, but failing smartphone division after years of growing losses.
The company at the time shifted focus and resources to more profitable ventures, such as electric vehicle components, robotics and smart home technology.
It looks like LG could be doing the same with its television business, prepared to cut its losses in a very competitive hardware market.