Panasonic, once a TV industry heavyweight, is trying to offload its struggling TV business, but there’s just one little problem: no one seems interested in buying it.
Despite Australian retailers begging for a comeback, the Japanese electronics giant is looking to either sell or scale down its TV division as part of a broader restructuring plan, according to President Yuki Kusumi. The goal? Faster decision-making and a sharper focus on growth.
“We are prepared to sell it, if necessary, but we have not yet decided on a plan,” Kusumi said in a recent press conference. “Currently, we do not think there is any company that will buy the business.” Well, that’s reassuring.
Meanwhile, Samsung and LG are locked in a battle with Chinese brands TCL and Hisense, which are gobbling up market share with their affordable TVs. Panasonic, once known for premium televisions, now finds itself a relic of a bygone era, much like DVDs, fax machines, and MySpace.
The Shift Away from TVs
Instead of trying to out-muscle budget-friendly Chinese competitors, Panasonic is shifting gears. The company is:
✅ Expanding home appliance divisions (think refrigerators, air conditioners, and lighting).
✅ Merging its TV and stereo division with its home appliances.
✅ Hoping this restructuring will increase profitability by 2028.
In fact, Panasonic already stopped making LCD TV panels back in 2016, outsourcing them instead. This is ironic, considering it once owned the legendary Kuro plasma TV patents, a technology home theater enthusiasts still rave about for delivering near-infinite contrast ratios.
What’s Next?
The fate of Panasonic’s TV business rests on whether investors and potential buyers see any real value in its brand power and global sales network. Meanwhile, the company is setting ambitious goals, aiming to boost operating profit to 750 billion yen by 2028.
Personal Take: A Hard Sell, but Not Impossible
On one hand, Panasonic’s TV business is a shadow of its former self, overshadowed by cheaper and more aggressive competitors. On the other, its brand still carries weight, and a strategic buyer (perhaps a niche premium TV manufacturer) could find value in reviving it.
Either way, Panasonic’s TV division is on life support and unless a buyer appears soon, it might just fade to black.
Photo: ChannelNews
