Sony and Samsung end their LCD panel joint venture, S-LCD Corporation, with Samsung buying Sony's 50% share in the business for around $938.97M.
With the Samsung purchase, Sony will not only make some cash, but also enter in agreement with Samsung to secure LCD panels on market prices without having to operate a manufacturing facility.
The sale follows reports of Sony slashing global TV midterm sales targets, as 2011 TV-related losses for the company total $1.15BN. Sony is also reducing sales volume while splitting the TV business into 3 entities in attempts to return to making profit from TVs by 2014.
Samsung is also streamlining its TV business, absorbing the remaining 50% stake of Samsung LED from Samsung Electro-Mechanics.
Go Sony and Samsung Shift to New LCD Panel Business Alliance