Sony, Panasonic tying up in advanced TV displays

TOKYO—Long-time Japanese rivals Sony Corp. and Panasonic Corp. are going to work together to develop next-generation panels called OLEDs for TVs and large displays.

The companies said in a joint statement Monday they will share core technologies to develop OLED, or organic light-emitting diode, panels.

Both Sony and Panasonic have posted losses after falling behind Samsung Electronics Co. of South Korea, as well as cheaper Asian rivals in TVs.

The joining of forces marks a departure from decades of rivalry, and highlights the pressure that Japanese manufacturers face to catch up with Samsung in TVs.

Sony was the first in the world to sell an OLED TV, with its 11-inch model in 2007, but buys liquid-crystal displays from other manufacturers.