Harris Says Broadcast Sale ‘On Track’
Harris Corp. expects bids in the next few weeks for its radio and television transmission equipment division.
Company CEO Bill Brown tells Wall Street analysts that Harris is “out in the marketplace with offering materials,” according to a Seeking Alpha transcript of the company’s latest earnings call. The response has been “very, very good” and he reiterates the company is on track to close a deal by the end of this calendar year.
When asked by one analyst what the proceeds of that sale might be, Brown said it’s too early in the process to discuss that. “We’ll wait until we actually get a deal done.”
Harris said in May it was getting out of the broadcast transmission business after determining that the division was no longer aligned with the company’s long-term strategy. Harris intends to sell the assets and use the proceeds to invest in growing its core businesses, like two-way radios and other communications used by the military.
Since the announcement, industry watchers have been wondering whether any one entity is large enough to buy the entire radio-TV asset package or whether it would be split-up and sold in smaller bundles.