STMicroelectronics will acquire all of the outstanding shares of Genesis Microchip for approximately $336 million. Genesis Microchip is a provider of image and video processing systems for flat-panel TVs and a variety of consumer and PC-display products. During the twelve months ended September 2007, Genesis reported revenues of $191 million. Through this acquisition, STMicroelectronics expects to expand its leadership in digital TV market. The company will become part of STMicroelectronics's Home Entertainment & Displays Group. Elias Antoun will join STMicroelectronics and will lead STMicroelectronics's television and display initiatives, reporting to Philippe Lambinet.