Bandai Entertainment announced at their panel and via Twitter that they will bring K-ON! to the USA on Blu-ray and DVD. So far only K-ON! licensed annd not the second season K-ON!!, states this live blog / transcript directly from the panel:

15:24:37 <bay|AX|BEI> Q: release date for K-on?
15:24:44 <bay|AX|BEI> A: not yet
….
15:25:33 <bay|AX|BEI> Q: licensing second season of K-on?
15:25:39 <bay|AX|BEI> A: we wish, but we only have the first season

Source: bandaient Twitter