Google, Panasonic sign pact on internet TV

Search giant Google is developing televisions that display internet content such as photos and videos together with Matsushita's Panasonic unit, a Reuters report said.

The Reuters report said the TVs, to be launched this spring, will allow users to directly browse and access videos from YouTube, a video-sharing web site owned by Google, and view Picasa web Albums, a free online photo-sharing service from Google, Panasonic said in a statement on Monday.

The news sent the shares of Matsushita higher right after the market open, but they shed 1.8% to underperform a 0.7% fall in the benchmark Nikkei average .

Late last year, Matsushita, the world's top plasma TV maker, said it would take control of a liquid crystal display joint venture and may build a new factory, marking a major shift in its strategy for the flat panel TV market, the Reuters report further said.

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