Organic light-emitting diode TVs use next-generation panels containing organic compounds that produce their own light. Not only do the TVs produce clearer colors than liquid crystal display varieties, they also boast higher image refresh rates.

But OLED TV panels are difficult to mass-produce, with a limited number of suppliers. Last year only 335,000 of the TVs hit the market worldwide. More than 90% were produced by South Korea's LG Group.

Panasonic will combine panels procured from LG with its own image-processing technology, including image processors developed in-house. Scenes will be more crisp and detailed than conventional OLED TVs owing to the deeper blacks, the company said. To accomplish that, Panasonic is leveraging the expertise it built up with plasma TVs.

The Japanese launch of 55-inch and 65-inch TVs is slated for April at the soonest, followed by Southeast Asia and Latin America. At Japanese volume retailers, LG Electronics Japan's newest 55-inch OLED TV sells for roughly 470,000 yen ($4,500) and the 65-inch model costs around 900,000 yen.

Panasonic's 55-inch TV will likely be priced at about 500,000 yen. The Japanese manufacturer plans to justify the premium over the South Korean rival by playing up advantages like better picture quality.

Panasonic rolled out a 65-inch model in Europe last October with a sticker price of 9,999 euros ($11,160). The company will gradually add new markets while incorporating OLED TVs as a core product category along with LCD sets.

Panasonic's TV business posted its first profit in eight years for the fiscal year ended in March. Before then, massive red ink led the company to pull out from North America and China, among other structural reforms. Panasonic is aiming to sell some 6.4 million units worldwide this fiscal year, which is still 60% below the fiscal 2010 peak. The company is currently revolving its television business around 4K LCD models, with commercialization of higher-definition 8K TVs also in sight.