Thursday, December 6, 2012

Harris Sells Broadcast Comm. Business for $225 Million

Harris will sell its Broadcast Communications business to an affiliate of The Gores Group $225 million.

Harris Broadcast supplies a full line of workflow, infrastructure and networking tools for broadcasters. The Harris product suite includes next-generation routers, processors, master control and branding systems, multiviewers, video servers, network monitoring and control, broadcast graphics systems, test and measurement tools and video networking systems. Harris also supplies analog and digital television and radio transmission systems, along with media management hardware and software.

"The sale of Broadcast Communications reflects our strategy to optimize our business portfolio and focus on our core businesses," said William M. Brown, president and chief executive officer of Harris. "As previously communicated, we plan to repurchase up to $200 million of our shares after the deal closes. This is in addition to the $200 million of share repurchases already planned for fiscal 2013 and reflects our ongoing commitment to effectively deploy capital, including returning cash to shareholders."

The Gores Group is a global investment firm focused on acquiring controlling interests in mature and growing businesses.

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