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LA firm snags Harris Broadcasting
Posted: 02.06.2013 at 12:00 PM
KHQA Newsdesk
Read more:  Local, State, National, International, Economy, Business, Community, News, Local, Business, Community, News, Technology, Reuters, Reuters Article, Quincy Based Harris Corporation, Harris Corporation, Harris Corp, Harris Selling Broadcast Communications Unit, Affiliate of Gores Group LLC., $225 Million, Company Statement, Transaction is Expected to be Completed in Early 2013, Offer Price, $160 Million in Cash, $15 Million Subordinated Promissory Note, $50 Million Payout Based on Future Performance, Manufactures Radio and Television, Harris Corporation Selling

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A Los Angeles-based investment group is now the owner of the Harris Broadcasting Communications.

The Gores Group purchased the company for $225 million, according to a press release from Harris.

The company currently employees about 300 people at its Quincy plant. Harris' Denver-based broadcasting division employees about 1,700 people nationwide.

Harris Broadcasting is a global supplier of hardware and software that creates, manages, transmits, distributes and monetizes video content.

The company announced in December that it would sell its broadcasting division.

Related Links
Harris Corp. to part with broadcast communications unit for $225 million
Harris layoffs come ahead of possible sale
Harris Corp. to part with broadcasting division
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