Bloomberg News

Samsung Electronics Close to Agreement to Unveil Google TV

November 23, 2011

(Updates share price in sixth paragraph.)

Nov. 22 (Bloomberg) -- Samsung Electronics Co., the world’s largest television maker, said it is close to an agreement to introduce a TV using Google Inc.’s software that will offer wider choice for customers looking for Web-connected sets.

Samsung is in “a late stage” of discussions with Google and hasn’t decided when it will unveil the product, Yoon Boo Keun, head of the Suwon, South Korea-based company’s TV business, told reporters in Seoul today. The status of the talks was reported earlier by Reuters.

Google TV would add to Samsung’s efforts to sell more TVs with models featuring Internet-based services amid slowing growth in sales of flat-screen sets in developed markets. Samsung aims to sell 12 million Web-connected “Smart TVs” this year and will focus on marketing such products in 2012, Yoon said.

Samsung’s TV business will probably remain profitable this year, having almost met its annual target to sell 45 million flat-screen TVs, Yoon said.

Samsung’s South Korean rival, LG Electronics Inc., may also unveil a television using the Google TV software at the January Consumer Electronics Show in Las Vegas, two people with knowledge of the project said this month.

Shares of Samsung rose 1.5 percent to 964,000 won as of 12:13 p.m. in Seoul trading, while the benchmark Kospi index gained 0.3 percent.

--Editors: Terje Langeland, Subramaniam Sharma

To contact the reporter on this story: Jun Yang in Seoul at jyang180@bloomberg.net

To contact the editor responsible for this story: Michael Tighe at mtighe4@bloomberg.net


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