LG has shut down the recent report regarding the sale of its TV business to Chinese tech giant Hisense by South Korean news outlet EBN, saying that it was completely fabricated. “LG Electronics would like to state that news of a potential sale of its TV business is completely baseless and therefore incorrect, speculative, and misleading,” the company told The Tech Outlook in a response to the publication’s query.
Apart from firmly shooting down the rumour, the South Korean tech giant did not elaborate further on its future strategies, nor has it released a public announcement denouncing the report, at least not yet. Notably, EBN has also since completely deleted the article from its portal, further confirming that the claims held no weight.
This update seemingly brings a swift conclusion to a wave of speculation that began circulating. In case you missed it, EBN’s coverage alleged that LG executives had recently travelled to Beijing to meet with senior Hisense officials to coordinate restructuring plans or a potential sale of its TV operations.
According to that now-deleted report, the alleged review was supposedly driven by weakening profitability, low operating margins and intense market pressure from Chinese rivals, whose aggressive pricing strategies have heavily challenged LG and Samsung in global shipment shares. It also speculated that the company might be planning to transition away from hardware manufacturing to focus entirely on software and services centered around its webOS platform.
Had the rumours been true, it would have marked the end of an era, effectively stepping LG away from television manufacturing for the first time in nearly six decades. It would have also mirrored LG’s massive exit from the smartphone market back in 2021.
(Source: The Tech Outlook / PC Gamer)
