Sony and Panasonic team up to develop new TV technology

Struggling Japanese electronics giants Sony and Panasonic are to team up to develop televisions with advanced technology, in a bid to claw back market share from overseas rivals.

Despite a long-standing rivalry, the firms said they would aim to establish mass-production technology for organic light-emitting diode (OLED) television panels next year, as they try to recover from multibillion-euro losses.

The technology lets producers make TVs that consume less power while offering a sharper picture than conventional flat panels. It is set to be one of the dominant technologies in next-generation televisions.