Sony has completed the buyout of its joint venture Sony Ericsson.
The subsidiary is set to be known as Sony Mobile Communications. This comes despite a tough financial period for Sony.
In October 2011, the company announced it would pay Ericsson $810 million for its half of the venture.
Sony Ericsson was a joint venture of two ailing phone makers back in 2001. Sony’s leverage allowed them to harness products such as the Walkman and Cybershot in their phones.
Earlier this month Sony said it expects a $3 billion loss due to its ailing TV business. In January, Sony Ericsson announced a net loss of $207 million during Q4 of 2011. The new subsidiary will be based in London with around 8 000 employees.
Nico Gous
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