Update: we've got some more info about the new joint venture, see below
There's an interesting report that Sony and Toshiba plan to join forces in a new display unit, aiming for small/medium displays (for mobile phones and tablets). According to the report, the new unit will establish an OLED fab in Higashiura, Japan. In fact once they setup the new unit, Toshiba Mobile Display (TMDisplay) and Sony Mobile Display will cease to exist. The new unit will be in charge of all OLED R&D by both companies. Interestingly, the Innovation Network Corp (a Japanese government fund) will fund the new company and will own around 70%-80%.
Sony is already producing OLEDs in a very small scale (mostly for their high-end broadcasting monitors) while Toshiba's mobile display unit (TMDisplay) scrapped their OLED plan back in October 2010 to focus on LCDs. It'll be great news if these two companies will indeed start to mass produce OLED displays.