Hitachi is reported to be in talks with Toshiba and Sony and plans to join the Toshiba-Sony merger in small-sized LCD (Liquid Crystal Display) operations, according to a June 29, 2011 report by Reuters. It is reported that if the three companies successfully merge their LCD units, the government-backed "Innovation Network Corporation of Japan" will invest approximately 200 billion yen (US$2.49 billion; US$1=80.4 yen) in the new company. Innovation Network Corporation of Japan is projected to buy about 70% stake in the company, and the three companies are expected to split the remaining shares.