Sony buys full control of mobile phone venture Sony Ericsson
STOCKHOLM Oct 27 (Reuters) - Sony Corp is to take full control of its Sony Ericsson mobile phone joint venture with Swedish mobile phone network gear maker Ericsson (ERICb.ST) as it seeks to catch up with other makers of smartphones and boost its offering of consumer eletronics, the companies said on Thursday.
Ericsson is to receive 1.05 billion euros in cash for its 50 percent share of the venture, which was set up in 2001. It initially thrived with an array of camera and music phones, but later lost out in the smartphone race. (Reporting by Veronica Ek and Patrick Lannin)