Panasonic is set to purchase a controlling share in Sanyo, according to "a company official familiar with the situation" as reported by Nikkei (if you have a subscription, at least). Reportedly Sanyo as a brand will be kept alive and the majority of employees kept on, so we're talking subsidiary, rather than takeover. Either way, it's an interesting move.
The deal should secure Panasonic's status as Japan's biggest consumer electronics manufacturer by some way, as well as broadening the company's portfolio somewhat. Moreover, the newly formed, larger company will push its revenue into the ¥11.2 trillion (~£71.2 billion) region, which is pretty impressive. Hopefully some of that will go towards making those Panasonic TVs using Pioneer's plasma technology that much sooner.
The deal should be completed in April of next year. Nikkei says an official announcement is set for the 7th of this month, so expect any other pertinent details then. Not that there's likely to be anything more to the story.