Quite big news from Sony, Hitachi, and Toshiba today: according to Japanese newspaper Yomiuri Shimbun [JP], the three companies today decided to merge their LCD businesses, at least for smaller and mid-sized screens used in smartphones, handheld gaming devices and tablets.If the report is to be believed, a joint venture will be set up by the end of the year. What’s interesting is that the so-called Innovation Network Corporation of Japan, a semi-public organization, will control a whopping 70% of the newly formed company. The organization is ready to invest a total of US$2.6 billion (and fend off competition from South Korea, Taiwan and other places).