(September 10. 2021) In a recent letter to industry partners, Premium Audio Company's President and CEO, Paul Jacobs, announced the end to a long journey for Onkyo's home audio/video business. As of today, Premium Audio Company and Sharp Corporation jointly own Onkyo's home AV division, which includes both Onkyo and Integra brands. The terms of the deal leave Premium Audio Company with a 75% ownership stake and management of product development, engineering, sales, marketing, and distribution duties. Sharp and its 25% ownership will maintain control of manufacturing in its Malaysian plant.
Premium Audio Company says it's also finalized a deal to exclusively market and sell Pioneer and Pioneer Elite AV solutions around the globe (minus China); Sharp will handle manufacturing duties.
In his letter, Jacobs concludes, "Premium Audio Company, VOXX, Onkyo and Sharp worked together to complete a complicated asset acquisition where others tried and failed. It is a strong statement about the power of this newly formed alliance. Combining the number one speaker brand in the world with the most technically sophisticated Japanese electronics brands ushers in a new era of design, innovation, and performance."
This, of course, is incredibly positive news for the home theater industry and enthusiasts, alike. Onkyo and Pioneer not only live to see another day but are positioned to make a major impact in the market.