TOKYO (dpa-AFX) - Sony Corporation (SONA.F, 0L83.L, SONY, 6758.T) and TCL Electronics Holdings announced they have entered into legally binding definitive agreements for a strategic partnership in the home entertainment field. Sony will establish a wholly owned subsidiary to assume its home entertainment business, and TCL will subscribe to a portion of this preparatory company's shares, forming a joint venture with TCL holding 51% and Sony holding 49% of the shares. The new company will succeed to Sony's home entertainment business. The new company is expected to commence operations in April 2027. The new company's products are expected to carry the Sony and BRAVIA names.
The consideration payable by TCL is assumed to be approximately 75.4 billion yen, at present. The final amount will be determined following further adjustments for certain net debt and working capital at the timing of closing.
With headquarters in Tokyo, Japan, the new company, BRAVIA Inc., is expected to become a consolidated subsidiary of TCL Electronics Holdings and an equity-method affiliate of Sony.
Shares of Sony are trading at 3,209 yen, up 0.66%.
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