An earphone arrangement comprises a microphone (109) which generates a microphone signal and a sound transducer (101) which radiates a first sound component to a user's ear (103) in response to a drive signal. An acoustic channel (111) is further provided for channeling external sound so as to provide a second sound component to the user's ear (103). An acoustic valve (117) allows the attenuation of the acoustic channel (111) to be controlled in response to a valve control signal. A control circuit (105) generates the valve control signal in response to the microphone signal to provide a variable attenuation resulting in a mixed sound of the first sound component and the second sound component reaching the user's ear (103). The combined use...