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Sony to buy Ericsson out of joint venture

Oct. 27, 2011 at 2:17 PM   |   Comments

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TOKYO, Oct. 27 (UPI) -- Japanese electronics giant Sony Corp. said it would buy Ericsson's half of a joint mobile communications partnership for $1.4 billion.

Sony Ericsson Mobile Communications AB will become a subsidiary wholly owned by Sony Corp.

In a statement, Sony said the deal "gives Sony an opportunity to rapidly integrate smartphones into its broad array of network-connected consumer electronics devices."

The deal also gives Sony ownership of "five essential patent families relating to wireless handset technology," Sony said.

"This acquisition makes sense for Sony and Ericsson, and it will make the difference for consumers, who want to connect with content wherever they are, whenever they want," Sony Chairman, President and Chief Executive Officer Howard Stringer said in a statement.

Stringer said, "With a vibrant smartphone business … we can more rapidly and more widely offer consumers smartphones, laptops, tablets and televisions," which he called the firm's "four-screen strategy."

All this allows Sony to develop a series of compatible devices, from phones to televisions to computers to PlayStation game platforms.

© 2011 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
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