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Apple buys patents from LG

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According to what reported by The Elec, Apple it would be one of the two companies that paid the license fee of patent of LG Electronics during the first quarter. The South Korean electronics manufacturer had already anticipated that it had received a large sum of money for its patents, but had not specified who the buyers were. Now, apparently, we know who it is.

LG Electronics: Apple paid $ 600 million for the patents

Quite certain sources have stated that LG Electronics has received 890 billion won – approximately $ 660 million – in the first quarter of the year. Of these, a whopping 800 billion won – that is 600 million dollars approximately – were paid by Apple, in association with a company whose identity it has not yet been possible to reveal. Did you need to pay such a large sum of money? According to some sources reported by The Elec, LG Electronics and Apple have probably entered into an agreement on thelong-term use of patentsup to ten years, as a standard for large conglomerates.

In fact, as far as we know, the two companies had already signed a cross-licensing agreement on patents in the past. But considering that LG has abandoned the production of smartphones, it is evident that this is no longer necessary. In this sense, the great profit of the South Korean manufacturer depends precisely on the fact that it owes no tribute to Apple, since it has practically suspended the production of phones. Beyond that, we know that LG owns many standard patents, and that it will probably try to also sell them to Samsung. For the moment, however, Apple seems to have grabbed a good chunk of licenses.

Walker Ronnie is a tech writer who keeps you informed on the latest developments in the world of technology. With a keen interest in all things tech-related, Walker shares insights and updates on new gadgets, innovative advancements, and digital trends. Stay connected with Walker to stay ahead in the ever-evolving world of technology.