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Apple has reportedly paid LG Electronics a one-time $800 Million payment related to patent licensing

1 cover patent licensing agreement


LG Electronics had stated back in April that it had received a one-time payment in patent licensing from key customers they didn't reveal. We're learning this morning that one of the two customers was Apple Inc.


Sources said LG Electronics received 890 billion won (US$662 million) of which Apple reportedly paid over 800 billion won (US$595 million).


The sources said that LG Electronics and Apple likely entered a long-term patent use agreement of up to ten years as is standard for large conglomerates. The patents in question also likely included many standard essential patents, they said.


The pair had signed a cross-licensing agreement over patents in the past but as LG exited its smartphone business this is no longer required. The large profit LG gained for its latest agreement is from it no longer having to pay Apple in return as it no longer makes smartphones. For more, read the full report from The Elec.


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