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Philips puts ailing TV arm into joint venture with TPV

Dutch consumer electronics giant Philips is putting its struggling television arm into a joint venture.

The division has been a long-term drag on the finances of Philips, which reported a 31% fall in first quarter profits to 138m euros ($198m; £122m).

China's TPV, which makes desktop and TV monitors, will take 70% of the joint venture with Philips owning the rest.

Nigel Cassidy reports.