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Philips cuts 6,000 jobs

By on January 27, 2009
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More troubles in the technology sector as Philips has announced plans to reduce headcount by 6,000 by the end of 2009, according to MCV.

Philips reduced its exposure to speculative ventures in October last year when it spun five business out of its incubator venturing program into a fund managed by Prime Technology Ventures. One of the companies involved in the transaction was amBX, the ambient technology business, which is now independently funded by PTV.

Added to the GameOverZone for information, but doesn’t appear to have a direct impact on the games industry (please comment if you think I’m wrong)

 

Impact on the games sectors seems limited as the company has already exited amBX, the ambient technology business, into the arms of Prime Technology

About Nicholas Lovell

Nicholas is the founder of Gamesbrief, a blog dedicated to the business of games. It aims to be informative, authoritative and above all helpful to developers grappling with business strategy. He is the author of a growing list of books about making money in the games industry and other digital media, including How to Publish a Game and Design Rules for Free-to-Play Games, and Penguin-published title The Curve: thecurveonline.com
  • I agree. Philips was smart to be able to get those 5 speculative businesses out of its portfolio last year, and it is sharing the risk with a private equity fund. Very sensible.

  • Good thing that amBX managed to spin out of Philips or it could have been one of the areas effected by these job cuts. Shame for Philips though and all the employees.