TCL Electronics Holdings Ltd. said that it plans to form a joint venture (JV) with Sony Group Corp. that will take over the Japanese electronics giant’s home entertainment business, underscoring the Chinese TV-maker’s effort to diversify amid fierce competition and slowing growth in the global TV market.
TCL will hold a 51% stake in the JV, with Sony holding the remaining 49%. The new company will handle global operations from product development and design to manufacturing, sales and logistics for TVs and home audio equipment, and will retain “Sony” and “Bravia” branding for its future products, TCL said in an exchange filing dated Tuesday.
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