 "Sony, Panasonic tie up to develop OLED TV displays")
Tokyo: Long-time Japanese rivals Sony Corp and Panasonic Corp are going to work together to develop next-generation panels called OLEDs for TVs and large displays.
The companies said in a joint statement Monday they will share core technologies to develop OLED, or organic light-emitting diode, panels.
Both Sony and Panasonic have posted losses after falling behind Samsung Electronics Co. of South Korea, as well as cheaper Asian rivals in TVs.
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The joining of forces marks a departure from decades of rivalry, and highlights the pressure that Japanese manufacturers face to catch-up with Samsung in TVs.
Sony was the first in the world to sell an OLED TV, with its 11-inch model in 2007, but buys liquid-crystal displays from other manufacturers.
AP