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Business

Pioneer selling audiovisual business to Onkyo, investment fund

TOKYO -- Japanese electronics maker Pioneer will sell its audiovisual equipment business to a coalition of compatriot audio equipment maker Onkyo and investment fund Baring Private Equity Asia. The sell-off is aimed at improving its profitability amid dwindling demand due to the spread of online video and music distribution.

     Pioneer, Onkyo and Baring Private Equity Asia reached a basic agreement and will announce the decision later Tuesday.

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