Melbourne, FL-based Harris announced in its fiscal Q3 call on the 1st of May that it plans to sell off its Harris Broadcast, which makes automation systems, transmitters, exciter and other hardware and software for radio and TV stations.
Harris CEO William Brown said the business is “no longer aligned with the company’s long-term strategy.” The company began reviewing strategic options for the division last year as it wrote down the value of the business by $407 million.
Most of Harris’ business is from military contracts.
Harris Morris, President of Harris Corporation’s Broadcast Communications Business, issued a press release regarding the decision to divest:
“Today, Harris announced its decision to divest the Broadcast Communications business. I fully support this decision and believe that the timing is right for both Harris and Broadcast Communications.
Harris has supported us by investing in our business, allowing us to develop some of the market’s most innovative, solution-based technologies. However, over time Broadcast Communications has become less aligned with the Harris core businesses and long term strategy.
Operating independently or as part of a broadcast or media-focused enterprise will provide us with strategic investment, increased competitive flexibility, and customer focus to lead the continuing transformation in this competitive marketplace.
The decision to divest in no way reflects the quality of the work Broadcast Communications performed in support of our customers and our company. Harris simply determined that Broadcast Communications could provide higher value and operate more effectively under a different ownership model.
In the interim, Broadcast Communications will continue to be a part of Harris Corporation and operate business as usual. Our valued relationships, both longstanding and new, remain our top priority. The global team will continue to work diligently to ensure our commitment to our customers and partners remains steadfast, our execution to fulfill commitments is flawless, and our progress against strategic objectives remains focused.”
Follow Us On Social Media!