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Royal Philips Electronics NV says it has closed a deal to shed the bulk of its television unit, placing it into a joint venture 70 percent owned by Hong Kong, China-based TPV Technology Ltd.

Philips said the deal was "along lines" announced in November — meaning Philips will contribute more than €100 million ($133 million) in investment and loans to the joint venture, in return for royalties of at least €50 million annually.

Philips has been easing out of its loss-making TV business for years. A deal announced in April 2011 with TPV had to be renegotiated in November, with Philips taking hundreds of millions of euros of losses.

The new joint venture will make and sell TVs under the Philips brand outside the U.S., where Philips has a deal with Funai.

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