Harmonic Inc has announced it has decided not to sell off its video business following a strategic review process.
In October 2023, the company said it was assessing “a range of alternatives” for its video business and had received “indication of interest” from a number of parties.
At the start of 2024, investment fund Ancora Holdings was said to be planning a challenge to Harmonic’s board of directors to force the company into the sale.
However, Harmonic has now confirmed that after “carefully evaluating a range of alternatives,” the board has determined that “current market conditions do not support its value creation objectives for the video business”.
Harmonic added that the strategy for the video business will now focus on scalable market opportunities, streamlining operations and optimising its cost structure.
“Consistent with its ongoing focus on value creation, the board is always open to further opportunities and alternatives should they arise,” added the company.
Harmonic has also announced Patrick Harshman will retire as president and chief executive officer of the company from June 11, 2024.
Nimrod Ben-Natan, currently SVP and general manager of Harmonic’s broadband business, has been appointed as his successor.
