Calabasas-based DTS, the developer of surround sound and audio processing technology, announced today that it has closed its acquisition of Irvine's SRS Labs. The deal was worth approximately $148M, and had been announced in April. DTS was advised by Centerview Partners, DLA Piper LLP, and Gibson, Dunn & Crutcher LLP in the transaction. SRS Labs was advised by Covert & Co. and Paul Hastings LLP.