TOKYO, March 1 Consumer electronics giant
Panasonic Corp (6752.T) said on Tuesday it had dropped
development of a handheld online gaming device that had been
tentatively named "Jungle".
News of the project had raised eyebrows when it emerged last
Panasonic withdrew from the games industry more than a decade
ago and most analysts saw it having little chance of competing
against established players like Microsoft Corp (MSFT.O),
Nintendo Co Ltd 7974.OS and Sony Corp (6758.T).
The project also appeared to be at odds with President Fumio
Ohtsubo's strategy of pursuing growth in areas like environmental
technology and healthcare.
"Panasonic decided to suspend further development due to
changes in the market and in our own strategic direction," the
company said in a statement.
Panasonic had set up a new U.S. subsidiary, Panasonic Cloud
Entertainment, to handle the game project, technology blog
TechCrunch said last year.
(Reporting by Isabel Reynolds; Editing by Edwina Gibbs)