Harbeth, Dynaudio Mark 25th; Onkyo Goes Wireless
At least two renowned loudspeaker manufacturers commemorate their 25th anniversaries in 2002 and both are celebrating with new product releases.
Hard Rock Muzak?
In a world where brand is everything and making money is the bottom line, it should come as no surprise that if there's a buck to be made, any deal is possible. But who would have imagined, 30 years ago, that the bad boys and girls of rock'n'roll would be married to the then-much-scorned icon of safe, watered-down elevator music?
Hard Times Ahead for Small Classical Labels?
Many small classical record labels are facing an uncertain future in the wake of a decision by Tower">http://www.towerrecords.com">Tower Records to put three classical distributors on buying hold. News of the decision, and discussions about its ramifications, have circulated on the Internet after an internal memo was leaked on May 1. The memo from company headquarters ordered store buyers at all 113 Tower stores in the US not to purchase from Allegro, Harmonia Mundi, and Qualiton, until receiving further notice. The three distributors represent dozens of small independent jazz and classical recording labels.
Hard-Disk Audio
Hard-disk–based audio systems having been gaining traction in recent months, with a half-dozen consumer electronics companies announcing or selling products. These new components model what savvy computer users have been hacking together for years—a software-controlled music library based on hundreds or thousands of CD or MP3 files stored on a hard disk.
Harman Buyout Ends in Settlement
When Kohlberg Kravis Roberts & Co. and Goldman Sachs decided to call">http://stereophile.com/news/092407harman/">call off their projected">http://stereophile.com/news/043007harman/">projected $8 billion takeover of Harman International Industries, Inc., industry experts predicted the audio company would take the two financial firms to court, if not to gain the $225 million termination fee, to force them to abide by their material adverse effect statement and complete the transaction.
Harman Buyout Scuttled?
The Goldman Sachs Capital Partners/Kohlberg Kravis Roberts & Co. $8">http://stereophile.com/news/043007harman/">$8 billion buyout of Harman International Industries, Inc. announced last April may not go through, according to "two people familiar with the matter," Bloomberg.com reported September 21.
Harman closes Sound United deal
Today, Harman said that it has completed its acquisition of Sound United, adding Bowers & Wilkins, Denon, Marantz, Classé, Definitive Technology, Polk Audio, and Boston Acoustics to its portfolio.
Harman Expects Lower Earnings; Asian Crisis Blamed
Fiscal year 1998 will be one of diminished expectations for Harman">http://www.harman.com">Harman International Industries, Chairman Dr. Sidney Harman announced last week to assembled analysts and fund managers at a meeting in New York. He laid much of the blame on the continuing economic slump in Asia.
Harman Group Embraces E-Commerce
The Internet offers unprecedented opportunity for manufacturers to bring their products directly to their markets, but many companies have been reluctant to embrace it for fear of upsetting their established dealer networks. This has been especially true of mid-to-high-end audio companies, who have traditionally sold their wares through specialty shops.
Harman International To Be Acquired by Goldman Sachs and KKR for $8 Billion
Harman International Industries, Inc has agreed to be acquired by Goldman Sachs Capital Partners (GSCP) and Kohlberg Kravis Roberts & Co. (KKR) for a price of $120 per share (a total near $8 billion). The share price represents what Bloomberg.com characterized as a 17% premium over its price one day earlier. The company's stock had been increasing in value, having risen by about 2.6% since the beginning of 2007, but beginning April 18, the stock began to surge, "indicating some investors anticipated the buyout," according to Bloomberg. John Rogers, a Citigroup analyst, had predicted in February that Harman was choice for acquisition, estimating that private equity buyers could pay a premium of 20% over its share price and still see annual returns of 20%.