BUSINESS

TCL Doubles Down on Home Entertainment With Sony Deal

Published: Jan. 21, 2026 4:00 p.m. GMT+8

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TCL Electronics Holdings Ltd. said that it plans to form a joint venture (JV) with Sony Group Corp. that will take over the Japanese electronics giant’s home entertainment business, underscoring the Chinese TV-maker’s effort to diversify amid fierce competition and slowing growth in the global TV market.

TCL will hold a 51% stake in the JV, with Sony holding the remaining 49%. The new company will handle global operations from product development and design to manufacturing, sales and logistics for TVs and home audio equipment, and will retain “Sony” and “Bravia” branding for its future products, TCL said in an exchange filing dated Tuesday.

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TCL and Sony will form a joint venture, with TCL holding 51% and Sony 49%, to oversee Sony's home entertainment business globally using Sony and Bravia branding.
In 2025, global TV shipments are expected to decline by 0.7% to 221 million units; Sony's TV shipments fell 14.2% to 4.1 million (1.9% market share), while TCL shipped 30.4 million units (13.8% share).
TCL forecasts 2025 adjusted net profit to rise 45–60% year-on-year, reaching HK$2.33–2.57 billion.

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Who’s Who

TCL Electronics Holdings Ltd.: TCL Electronics Holdings Ltd. plans to form a joint venture with Sony Group Corp., taking a 51% stake in Sony's home entertainment business. This initiative aims to diversify TCL's operations amid a competitive global TV market. In 2025, TCL shipped 30.4 million TVs, securing a 13.8% market share globally. The company also anticipates a significant increase in adjusted net profit for 2025, ranging from HK$2.33 billion to HK$2.57 billion.

Sony Group Corp.: Sony Group Corp. plans a joint venture with TCL Electronics, transferring its home entertainment business. Sony will hold a 49% stake in the JV, handling global operations for TVs and home audio under "Sony" and "Bravia" brands. This aligns with TCL's global strategy, as Sony's TV shipments fell 14.2% in 2025.

Samsung Electronics Co. Ltd.: Samsung Electronics Co. Ltd. is a leading global TV manufacturer. In 2025, the company held a 16% market share, shipping 35.3 million TVs worldwide. This made them the top global TV brand, surpassing TCL.

China Galaxy Securities Co. Ltd.: According to a report by China Galaxy Securities Co. Ltd., the penetration rate of Mini LED TVs in Europe and America is expected to increase rapidly between 2025 and 2027. This projection suggests a significant opportunity for TCL, a leader in Mini LED technology, to compete effectively with Korean brands in these markets within three years.

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What Happened When

2025：: Sony’s global TV shipments fell 14.2% to 4.1 million units, with a market share of 1.9%. In contrast, TCL shipped 30.4 million TVs, a 5.4% year-on-year increase, securing a 13.8% market share to rank second globally.

2025：: Global TV shipments are expected to fall 0.7% year-on-year to 221 million units, with a further 0.6% decline projected for 2026.

June 2025：: TCL Chairman Li Dongsheng stated at the Summer Davos that overseas revenue already accounted for more than 60% of the group’s total.

Between 2025 and 2027：: China Galaxy Securities forecasted that the penetration rate of Mini LED TVs in Europe and America will rise rapidly, providing TCL an opportunity to compete with Korean brands in these markets within three years.

Sunday, January 18, 2026：: TCL Electronics released a positive earnings forecast, expecting adjusted net profit attributable to shareholders for 2025 to be between HK$2.33 billion and HK$2.57 billion, a year-on-year increase of 45% to 60%.

Tuesday, January 20, 2026：: TCL stated in an exchange filing that it plans to form a joint venture with Sony to take over Sony's home entertainment business.

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