Philips has been in the tee vee industry for nearly a century, and now they’re going to pull out? Yes, you’ve heard right. Philips is going to sell of its famous television arm to a Hong Kong manufacturer TPV Technology. Philips will still retain a 30 percent ownership share and agreeing guaranteed royalty payments of €50 million per year from 2013 onwards.

This is due to the company losing €87 million in the first quarter from its HDTV division. All 4,000 Philips employees working under the HDTV umbrella will be transferred over to TPV, though the company says it doesn’t want the “market to misread that [it] intend to lay-off a lot of employees.”