Harmonic ends review of its video business; CEO to retire

By Ben Glickman

Harmonic (HLIT) ended a review of its video business without completing a transaction and said its chief executive would retire.

The company said on Monday its board found that current market conditions "do not support its value creation objectives" for the business.

The San Jose, Calif.-based, video-streaming and broadband company has been reviewing strategic options for its video segment since October. The company said at the time that it had seen interest from multiple parties.

Harmonic also said that Chief Executive Patrick Harshman would retire on June 11. He will be succeeded by Nimrod Ben-Natan, general manager of Harmonic's broadband business.

Ben-Natan joined Harmonic in 1996 as a software engineer, and has led the company's broadband business since 2012, according to Harmonic.

For its video business, the company plans to focus on cutting costs and finding scalable market opportunities in order to drive profitable growth.

The company said its board is "always open to further opportunities and alternatives should they arise."

Harmonic now expects first-quarter revenue of $121 million to $123 million, compared with its previous expectation of $110 million to $130 million.

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04-08-24 1921ET

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