According to a C&VG report, Sony has confirmed that it will pay around 900 million Euros (roughly $1.28 billion USD, according to current exchange rates) to Ericsson to get out of its decade-old joint mobile phone venture with the company. This will allow Sony to integrate its smartphone business with its gaming, tablet and PC businesses. In turn, Sony should be able to cut costs and synchronize its product development strategy.
Ericsson said that it will turn over ownership of "five essential patent families relating to wireless handset technology" as part of the deal.
"We can more rapidly and more widely offer consumers smartphones, laptops, tablets and televisions that seamlessly connect with one another and open up new worlds of online entertainment," said Sony boss Howard Stringer