Apple reportedly paid LG for a long-term patent licensing agreement 

In April, LG reported that it received a one-time payment for patent licensing but didn't reveal who the customers were. In a report from TheElec we learn that LG Electronics received KRW 890 billion (USD662.4 million) by two companies, of which KRW 800 billion (USD595.4 million) was paid by Apple, according to industry sources. The difference was paid by an unidentified company.

LG Electronics and Apple have reportedly entered a long-term patent licensing agreement of upwards of ten years, a common practice for multi-national conglomerates. The patents may have likely included "many standard essential patents".

Since LG has exited the smartphone business, its obligations to pay Apple for a cross-licensing agreement have changed, thus the payment made from Apple to compensate for the remainder of a previously arranged cross-licensing patent agreement.

"LG holds multiple standard essential patents and will likely seek an agreement with Samsung as well", writes The Elec. "While LG may have exited the smartphone business, its other affiliates such as LG Innotek and LG Display will continue to supply camera modules and displays, respectively, to the iPhone maker.

Source

( Details and picture courtesy Source , the content is auto-generated from the RSS feed.)

Join our official telegram channel for free latest updates and follow us on Google News here.