Sony Samsung S-LCD
As widely predicted, Sony is selling off its entire stake in S-LCD Corporation to rival Samsung

Samsung has agreed to buy out Sony's entire stake in their LCD joint venture, S-LCD Corporation, as part of Sony's plan to pull out of the TV manufacturing business.

The plan to end the seven-year joint venture first came to light in October, as Sony desperately tried to turn around its loss-making TV division.

The Korean electronics maker says it will pay Sony 1.08tn won ($939m; £600m) in cash for its stake.

Samsung, meanwhile, has gone on to become the world's largest maker of TVs and flat screen panels.

"Under the agreement, Samsung will acquire all of Sony's shares of S-LCD Corporation, the two companies' LCD panel manufacturing joint venture, making S-LCD a wholly owned subsidiary of Samsung," Samsung Electronics said in a statement today.

More after the break

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