Original sentence: In 2005 Sony and Panasonic joined their efforts in creating a high definition format for consumer tapeless camcorders, seeing the trend toward optical disc media.The joint Sony/Panasonic initiative resulted in the announcement of the AVCHD recording format on 11 May 2006
Edited sentence: The joint initiative resulted in the announcement of the AVCHD recording format on 11 May 2006.XDCAM and P2 systems were prohibitively expensive for a consumer device, and in 2005 Sony and Panasonic joined their efforts in creating a high definition format for consumer tapeless camcorders, seeing the trend toward optical disc media