Japan's Sony Corp, struggling with a lossmaking television business, on Wednesday denied a media report it was considering pulling out of its LCD joint venture with South Korea's Samsung Electronics.

South Korean newspaper Chosun Ilbo reported that Sony and Samsung were in talks to break up their liquid-crystal display joint venture S-LCD, quoting an unidentified industry source. Samsung also denied the report.

In April, the two companies cut capital in the joint venture by $555 million, as Sony sought to slash its TV losses and Samsung pushes ahead with next generation displays.

Sony, heading for an eighth straight year of losses in the television business, has already decided not to raise its stake in an LCD joint venture with Sharp for at least a year.

The Japanese electronics and entertainment giant is expected instead to procure more panels from cheaper makers in other parts of Asia.

(Reporting by Isabel Reynolds, Ju-min Park and Miyoung Kim; Editing by Edwina Gibbs)