Sharp to review TV licensing deals to boost global presence

August 23, 2016 1:54 AM EDT

A man walks past Sharp Corp's liquid crystal display monitors showing the company logo in Tokyo, Japan, February 25, 2016. REUTERS/Yuya Shino

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TOKYO (Reuters) - Japanese electronics maker Sharp Corp said Tuesday it will review its TV brand licensing deals overseas in an effort to boost its global presence under the aegis of Taiwan's Foxconn.

"We have decided to review our current brand licensing business in Europe and Americas, and are currently examining various possibilities," Sharp said in a statement.

The comment follows a report by the Yomiuri newspaper that Sharp will dispatch officials next month for negotiations to buy back its TV business in the United States and Europe.

Sharp effectively exited the money-losing TV business in those markets and licensed its brand to China's Hisense Group in the Americas and to Universal Media Corp Slovakia in Europe.

The withdrawal from the money-losing TV business abroad helped Sharp trim its losses in April-June.

But Sharp now believes that it can make profits out of the TV business by taking advantage of Foxconn's procurement power in the supply chain and its vast network of clients, the Yomiuri said.

Foxconn, known formally as Hon Hai Precision Industry Co, is the world's largest contract electronics manufacturer whose clients include Apple Inc, Sony Corp and many other major international companies.

(Reporting by Makiko Yamazaki; Editing by Stephen Coates)

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