Sony to Transfer TV Biz to Joint Venture with China's TCL

Tokyo, Jan. 20 (Jiji Press)--Japanese electronics giant Sony Corp. said Tuesday that it will transfer its television business to a joint venture to be set up with China's TCL Electronics Holdings Ltd.

The two companies signed a basic agreement on the deal the same day.

Sony, the core unit of Sony Group Corp., aims to bolster its TV business by combining its brand power and TCL's cost competitiveness. The brand names of "Bravia" and "Sony" will be maintained after the transfer.

Under the agreement, Sony's "home entertainment" business, which includes TVs and audio devices, will be carved out and transferred to the joint venture, in which Sony and TCL will have stakes of 49 pct and 51 pct, respectively.

The joint venture will handle all stages of the TV business, including development and design, production, sales and after-sales service. Operations are expected to begin in April 2027, pending approval by relevant authorities.

[Copyright The Jiji Press, Ltd.]