- LG Electronics received KRW 890 billion ($662.4 million) from two firms.
- Apple was reportedly one of the clients.
- LG subsidiaries will still provide camera modules and panels to the producer of the iPhone.
LG disclosed in April that it had received a one-time payment for patent licensing, but it did not identify the clients.
According to industry insiders, LG Electronics received KRW 890 billion ($662.4 million) from two firms, of which KRW 800 billion ($595.4 million) was paid by Apple, according to a report from a global news outlet. Unknown Corporation paid the discrepancy.
According to reports, multi-national corporations LG Electronics and Apple have established a long-term patent licensing agreement that might last up to ten years.
There may have been “several standard essential patents” among the patents.
LG’s responsibilities to pay Apple under a cross-licensing deal have changed as a result of LG’s retirement from the smartphone market; as a result, Apple paid LG to cover the remaining terms of a cross-licensing patent agreement that had previously been negotiated.
The article states that LG “holds many standard essential patents” and “will probably seek a deal with Samsung as too.”
While LG may have given up on the smartphone market, its other subsidiaries, like LG Innotek and LG Display, will still provide camera modules and panels to the producer of the iPhone, respectively.
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