News Brief

Sony Sells LCD Stake To Samsung For $940M

Sony Corp is selling its nearly 50% stake in an LCD joint venture with Samsung Electronics to the company for $940 million to reduce huge losses at its TV business, reports Reuters. In November, Sony, the world's third-largest flat panel TV maker, warned of a fourth straight year of net losses for the financial year to next March, with its TV unit alone set to lose $2.2 billion. Sony has sold off TV factories in Spain, Slovakia and Mexico in the past few years and outsources more than half of its production.

Tags: tv
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