Magnavox (Latin for "great voice", stylized as MAGNAVOX) is an American electronics company that since 1974 has been a subsidiary of the Dutch electronics corporation Philips. The predecessor to Magnavox was founded in 1911 by Edwin Pridham and Peter L. Jensen, co-inventors of the moving-coil loudspeaker at their lab in Napa, California, under United States Patent number 1,105,924 for telephone receivers. Six decades later, Magnavox produced the Odyssey, the world's first home video game console. On January 29, 2013, it was announced that Philips had agreed to sell its audio and video operations to the Japan-based Funai Electric for €150 million, with the audio business planned to transfer to Funai in the latter half of 2013, and the video business in 2017. As part of the transaction, Funai was to pay a regular licensing fee to Philips for the use of the Philips brand. The purchase agreement was terminated by Philips in October because of breach of contract and the consumer electronics operations remain under Philips. Philips said it would seek damages for breach of contract in the US$200-million sale. In April 2016, the International Court of Arbitration ruled in favour of Philips, awarding compensation of €135 million in the process. Magnavox brand name products are currently made by Funai under license from trademark owner Philips. History Jensen and Pridham founded the Commercial Wireless and Development Company in Napa, CA in 1911, moving to San Francisco, and then Oakland in 1916. In July 1917, a merger with The Sonora Phonograph Distributor Company was finalized and the Magnavox Company was born. Frank Morgan Steers was chosen as the company's first President. Jensen moved on to found the Jensen Radio Manufacturing Company in Chicago, in the late 1920s. Pridham stayed on with Magnavox, which moved manufacturing to Fort Wayne, Indiana by the 1930s. The term "Commercial Wireless" had a different meaning in the early days of radio and telephone. Magnavox manufactured radios, TVs, and phonographs. In the 1960s, Magnavox manufactured the first plasma displays for the military and for computer applications. In 1972 Magnavox introduced the Odyssey, the first video game console. In 1974, the Magnavox Company was acquired by Philips of the Netherlands to ensure nationwide distribution for their VLP (later renamed LaserVision) Videodisc technology, and all Philips consumer electronics in the US under the Norelco name began rebranding them under the Magnavox name; Philips acquired the similar-sounding company Philco in