Yahoo Finance

Medical-technology company Masimo is getting out of a failed foray into the consumer-audio business with a deal to sell the unit for about $350 million three years after making a $1 billion bet on audio equipment. Harman International, a Samsung Electronics subsidiary that makes JBL products and other audio and visual equipment, is set to buy Masimo’s audio operations in a deal that was announced Tuesday, confirming an earlier report from The Wall Street Journal. The transaction would mark the end of a three-year experiment for Masimo that sent its stock plunging, drew in an activist investor and led to the ousting of its founder and chief executive officer.