In a groundbreaking deal, three Japanese CE giants are planning to join forces to develop OLED TVs. Matsushita (parent of Panasonic), Canon and Hitachi are expected to sign a multi-billion-yen deal to co-develop OLED into a mass-market TV proposition. The alliance will invest upwards of 300 billion yen to make organic electroluminescent panels for TV, camcorder and digital camera use. As part of the deal, Matsushita and Canon may convert an existing panel production facility currently owned by Hitachi; alternatively the trio will build an entirely new facility. By splitting the investment across three companies the group will reduce the huge risks associated with developing what is considered to be a difficult technology. It also puts all three in a better position to combat Sony, which has taken a lead in developing OLED displays. Toshiba recently ruled itself out of the OLED gold rush, citing difficulties associated with large-screen OLED manufacturing.