Samsung Buys Sony’s Stake In S-LCD For $940 Million
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Sony is selling their shares in LCD panel joint-venture company S-LCD to Samsung electronics for $940 million. Sony is struggling to make profits from their TV line. S-LCD is a joint venture between Sony and Samsung. Now Samsung will now fully own the subsidiary. This deal is expected to close in January 2012.
“This transaction will enable [Sony] to monetize its shares in S-LCD and aims to secure a flexible and steady supply of LCD panels from Samsung, based on market prices and without the responsibility and costs of operating a manufacturing facility” stated Sony. This past November Sony warned of $1.15 billion in losses.