Japanese companies KDDI (News - Alert) Corp. and Sumitomo Corp. in recent months have battled over the ownership of cable TV affiliate Jupiter telecommunications Co. But the two companies recently have reached a truce. Better than a truce, actually, as the two companies - along with Jupiter - reportedly have formed an alliance that brings together cable TV, telecommunications and media services.

Few details about the alliance were available this morning.

Sumitomo earlier this year offered as much as 122 billion yen ($1.35 billion) to raise its stake Jupiter, challenging KDDI's efforts to become that company's largest shareholder. Sumitomo apparently made that move given Jupiter was responsible for 12 percent of its profit in the nine previous months.

Edited by Marisa Torrieri