Sony to quit LCD joint venture with Samsung

Sony corp has agreed to sell its nearly 50 per cent stake in an LCD joint venture with Samsung Electronics to the South Korean company for $940 million, as it struggles to reduce huge losses at its TV business. In Nov., 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 on thumbling demand and a surging yen. The company would review its earning forecast to reflect 66 billion yen in impairment losses from the transaction, as well as expected future cost savings.

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