Everything you need to know about lg might be done making tvs.
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TL;DR
- A new report claims that LG is discussing selling its TV business to Hisense.
- LG is reportedly considering the move because of weak profits and growing competition from Chinese TV brands.
- If it happens, it would mark another major exit for LG after it shut down its smartphone business in 2021.
LG may be getting ready for another major exit from consumer tech. According to Korean outlet EBN, the company recently discussed restructuring plans for its TV business with Chinese electronics giant Hisense, including the possibility of a full sale.
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The report claims LG executives traveled to Beijing and met with senior Hisense officials to discuss the future of LG TVs. Neither company has confirmed a deal, so it’s difficult to validate these claims just yet.
Still, even the possibility of LG exiting the TV business is big news.
LG has been one of the biggest names in televisions for decades. Its TV roots go all the way back to 1966, when its predecessor GoldStar launched Korea’s first black-and-white TV. If LG exits the TV business, it would effectively end nearly 60 years of the company’s TV manufacturing history.
Android fans may remember this feeling well. In 2021, LG shut down its smartphone business after years of losses, ending beloved phone lines like the LG Wing and V-series. At the time, the company said it wanted to focus on more profitable areas such as EV components, smart homes, and robotics. This latest report suggests LG could now be applying the strategy to its TV business.
The timing also reflects the changing smart TV market. Sony also recently sold a majority stake in its TV business to TCL, which, along with Hisense, has rapidly gained ground with aggressive pricing and improved quality. According to market research firm Omdia, TCL and Hisense now hold global TV shipment shares of 14% and 12.5%, respectively, putting a lot of pressure on brands like LG and Samsung.
Even if LG eventually steps back from making TVs, the company may still stay involved in the entertainment space. EBN says LG could focus more on its webOS platform and software services for monitors, automotive systems, and smart displays rather than building TVs itself.
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Frequently Asked Questions
A report claims LG discussed restructuring plans with Hisense, including a possible full sale. Neither company has confirmed a deal.
Weak profits and growing competition from Chinese TV brands, following the same playbook as its 2021 smartphone business exit.
Nearly 60 years. Its predecessor GoldStar launched Korea's first black-and-white TV in 1966.
TCL and Hisense now hold 14% and 12.5% of global TV shipments. Sony also recently sold a majority stake in its TV business to TCL.
