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Edition: U.S. Article Comments (0) Deals Barrick bids $7.68 billion for Equinox Minerals Yahoo buys TV "check-in" company IntoNow Nasdaq, ICE doubt NYSE-D.Boerse cost savings BrightSource files for up to $250 million IPO Solera buys Explore Information for $520 million India's TCS eyes buys in Germany, Japan Samsung, Sony joint venture to cut capital Follow Reuters Facebook Twitter RSS YouTube Read Roadside clue becomes focus of Holly Bobo search 1:09pm EDT Iran says it has detected second cyber attack 5:55am EDT Five women brutally murdered in Mexico beach resort 23 Apr 2011 REFILE-GLOBAL MARKETS-Silver slide boosts dollar, drags on oil 1:31pm EDT "Water for Elephants" a lost opportunity 8:19am EDT Discussed 134 Texas governor calls for prayers for rain 133 Obama sees no magic bullet to push down gas prices 64 U.S. sends drones to Libya as battle rages for Misrata Watched NATO jets bomb Gaddafi compound 6:27am EDT Gunfire and tanks in Syria Sun, Apr 24 2011 Chernobyl Legacy 6:24am EDT Samsung, Sony JV to cut capital as Sony struggles with TV loss Tweet Share this SEOUL (Reuters) - S-LCD, a flat screen joint venture between Sony Corp and Samsung Electronics, said it would reduce capital by $555 million, as Sony struggles with perennial losses from its TV business and Samsung seeks to shift to a new type of... Email Print Related News Analysis:North Korea diplomacy at a crossroads:talk or troubles? Sun, Apr 24 2011 Ex-Sony chief Ohga, who led push into music and movies, dies Sat, Apr 23 2011 Samsung countersues Apple over iPhone, iPad Fri, Apr 22 2011 Morgan Stanley trading turnaround makes progress Thu, Apr 21 2011 Morgan Stanley, MUFG JV to book $1.7 billion loss Thu, Apr 21 2011 Analysis & Opinion Deals wrap: The value of Groupon 6 reasons your business hates you Related Topics Technology » Deals » Global Deals Data 2011 Q1 » Inflows Outflows » Media » Stocks A visitor walks past the Samsung booth at the GSMA Mobile World Congress in Barcelona February 16, 2011. Credit: Reuters/Gustau Nacarino SEOUL | Mon Apr 25, 2011 9:43am EDT SEOUL (Reuters) - S-LCD, a flat screen joint venture between Sony Corp and Samsung Electronics, said it would reduce capital by $555 million, as Sony struggles with perennial losses from its TV business and Samsung seeks to shift to a new type of display. The global liquid crystal display (LCD) market is struggling with faltering demand, with some analysts forecasting the $100 billion LCD TV industry had already peaked last year and would shrink by 3-4 percent annually, as consumers in advanced countries have already traded their bulky tube TV sets to flat screens. LCD is widely expected to give way to new displays such as energy-efficient active matrix organic light-emitting diode (AMOLED), which is increasingly used in high-end smartphones and tablets and touted as a future large-sized TV display. In a statement on Monday, S-LCD, which supplies panels to Samsung and Sony, said the move was aimed at improving its capital structure. The 50-50 LCD joint venture announced its first capital reduction of 600 billion won ($555 million) after more than tripling its capital to 3.9 trillion won since Sony and Samsung formed the venture in 2004 with 1.26 trillion won to ensure smooth supply of flat screens for Sony. "The decision reflects shrinking demand from Sony after the devastating earthquake in Japan last month and the sector's overall shift in focus to OLED display," said Kim Sung-in, an analyst at Kiwoom Securities. "Sony has bought around 1.1-1.2 million units of LCD panels every month from the venture but it can't buy that much any more due to weak sales in Japan. With the overall demand for LCD displays set to shrink further, Samsung and Sony are likely to gradually wind up the business and focus instead on OLED," Kim said. Sony will not raise its stake in a separate LCD venture with Sharp Corp for at least a year, a Sony source said last week, a move that reflects the industry's growing caution over growing exposure to the LCD industry, which has been in a glut since last summer. Sony needs to slash costs as it heads for a seventh straight year of losses in its TV business. Highlighting soft demand from TV makers, Philips Electronics said this month it would transfer its TV business into a joint venture with TPV Technology. Since the March 11 earthquake, six analysts have lowered Sony's operating profit estimates for the year to March 2012 by 19 percent on average, according to Thomson Reuters I/B/E/S, as Sony considers a complete two-week summer shutdown of some company premises due to Japan's power shortages. On Friday, Samsung is expected to report its quarterly profit had dropped to nearly a two-year low as its LCD business is widely expected to report a loss for January-March. Panel makers have reduced production after the powerful earthquake on March 11 but demand from TV and computer makers is too weak to absorb even lowered supplies, sending prices of large-sized LCD panels down more than one third over the past year. S-LCD said it would cancel 120 million shares to reduce equity capital by 600 billion won to 3.3 trillion won, after having had strong cash flow last year. The company reported 11.4 trillion won in 2010 revenue and 204.6 billion won of net profit, up more than 12 times from 16.4 billion won a year ago, resulting in 747 billion won of positive cash inflow last year alone. Samsung, the world's top LCD maker, is planning a 5.4 trillion won investment each in LCD and AMOLED this year. Shares in Samsung, Asia's most valuable technology company with $136 billion in market value, closed down 1.7 percent and Sony fell 0.4 percent on Monday. ($1 = 1081.050 Korean Won) (Reporting by Miyoung Kim; Editing by Anshuman Daga) Technology Deals Global Deals Data 2011 Q1 Inflows Outflows Media Tweet this Share this Link this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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