Sony announces that the company will end its JV with Samsung, dubbed S-LCD, said the company in a statement released on 26 December, 2011. Incorporated in April 2004, the JV focuses on producing LCD (Liquid Crystal Display) panels for televisions. Under the agreement, Samsung will acquire Sony's nearly 50% stake of S-LCD for around US$940 million and S-LCD will become a wholly owned subsidiary of Samsung upon the completion of transaction. In addition, the two companies also reached a new strategic agreement for the supply and purchase of LCD panels, and stated that they will continue their cooperation in the development of LCD panel technology. The share transfer and payment are projected to conclude by the end of January 2012 and will require the regulatory approval of corresponding authorities.