French telecommunications and film-industry technology group Thomson SA, which changed its name to Technicolor this week in a restructuring, said today that it had sold its digital signage and content distribution arm Convergent Media Systems to Sony Electronics Inc, a unit of Sony Corp.
Sony Electronics said that Convergent Media Systems will be integrated as a subsidiary into its broadcast and professional products business.
Technicolor had filed for bankruptcy protection in July 2009 in order to restructure its debt, and last month gained the backing of creditors to reduce its debt of €2.84 billion by 45 per cent , had put Convergent Media Systems for sale since February 2009.
Tthe Paris-based media giant Technicolor said that the terms of this transaction are financially non-material to it.
Based in Alpharetta, Greater Atlanta, Convergent Media Systems is the global leader in video integration services to the enterprise market and has clients like Kroger, Wachovia, Toyota, Volkswagen, Merrill Lynch and JP Morgan Chase.
It currently services over 45 media networks spanning over 24,000 locations.