Exhibit 99.1
Dolby Laboratories Announces Agreement to Acquire GE Licensing from GE Aerospace
Acquisition to strengthen Dolbys licensing businesses and create opportunity for future growth
SAN FRANCISCO, JUNE 6, 2024 Dolby Laboratories, Inc. (NYSE: DLB), a leader in immersive entertainment experiences, announced today that it
has entered into a definitive agreement to acquire GE Licensing, which owns, maintains, and licenses an extensive portfolio of IP primarily targeting the consumer digital media and electronics sectors.
As one of the most respected companies in the field of patent licensing and management, GE Licensing is a leading innovator with world-class patents and
licensing expertise, especially with respect to pioneering video codec technology. The transaction will include a portfolio of over 5,000 patents, including foundational patents in standard essential video compression. GE Aerospace will retain its
portfolio of IP related to its core aerospace and defense technologies, as well as the trademark portfolio for the GE brand.
GE Licensing is home
to a number of essential innovations that power the modern world said Andy Sherman, Dolby Executive Vice President, Patent Licensing and General Counsel. An important part of Dolbys strategy is providing value to our customers,
partners, and the industry through open standards and collaborative pool licensing. This acquisition gives us the opportunity to continue to promote and support innovation within our ecosystems.
This acquisition is an extension of Dolbys existing licensing businesses. GE Licensings portfolio of video codec technology, such as HEVC and VVC,
complement, strengthen, and expand the scale of Dolbys intellectual property portfolio. Dolby is committed to continuing to facilitate the adoption of next-generation standardized technologies enabling industry efficiency, continuity,
and growth.
Dolby is a trusted leader and innovator with a long history in licensing technologies and patents through collaborative
structures, said Robert Giglietti, GE Aerospaces CEO of Corporate Holdings and Treasurer. As GE Aerospace continues to sharpen its focus as a standalone company serving aerospace and defense customers, Dolby is the right partner
for ensuring these innovative digital media technologies continue to serve businesses and consumers around the world.
Financial Considerations
Dolby Laboratories has agreed to acquire GE Licensing, an intellectual property licensing business primarily targeting the consumer digital media and
electronics sectors, in a $429 million all cash transaction. This deal is expected to close by the end of fiscal year 2024, subject to regulatory approval and other customary closing conditions, and is not expected to have a material impact on
Dolbys fiscal year 2024 results. This transaction includes attractive complementary assets that strengthen and expand Dolbys patent portfolios, and represents a compelling financial profile of durable, high-margin revenue. Dolby
expects the deal to be accretive on a non GAAP basis to operating margins and EPS in fiscal 2025.
This transaction is not expected to affect Dolbys
practice of returning capital to stockholders through its quarterly dividend and through stock repurchases to offset dilution from stock-based compensation.
About Dolby Laboratories
Dolby Laboratories (NYSE: DLB)
is based in San Francisco, California with offices around the globe. From movies and TV shows, to apps, music, sports, and gaming, Dolby transforms the science of sight and sound into spectacular experiences for billions of people worldwide. Dolby
partners with artists, storytellers, developers, and businesses to revolutionize entertainment and communications with Dolby Atmos, Dolby Vision, Dolby Cinema, and Dolby.io. Dolby, Dolby Atmos, Dolby Vision, Dolby Cinema, Dolby.io, and the double-D
symbol are among the registered and unregistered trademarks of Dolby Laboratories in the United States and/or other countries.