Bose Corporation is acquiring lifestyle audio brand Skullcandy. A joint press release reveals that the two companies will combine Bose's audio expertise with Skullcandy's design and community connections for their future products. Skullcandy will remain a separate brand within Bose's Premium Consumer Audio lineup and will continue to be based in Park City, Utah.
Lila Snyder, CEO of Bose Corporation, said that as a privately held company, Bose has the freedom to make bold, long-term investments in opportunities it believes in, and Skullcandy is a great example of that. She said the two companies see tremendous opportunity to create new products and experiences and reach more consumers around the world.
Before the acquisition, Bose and Skullcandy had a multi-year partnership in which Skullcandy earbuds and headphones used licensed Sound by Bose technology. Bose did not reveal additional information regarding the financial terms and conditions of the transaction.
Brian Garofalow, CEO of Skullcandy, called the deal a win for the brand and its fans. He noted that Skullcandy was born on a chairlift in Park City, Utah, over 20 years ago, and that the company has always believed great music should be part of the experiences people love. He said joining Bose gives Skullcandy the opportunity to bring more of Bose's audio expertise and technology to its products and to take the brand further.
Source: GSMArena · Summarized by HeadlinesBriefing