Apple and LG sign multi-million-dollar long-term patent agreement

THE apple would have signed a millionaire agreement with the LG Electronics to use a company patent for a long period of time. The deadline would have been up to ten years as is standard for large conglomerates.

The information was disclosed by the website The Elec, which claims to have had access to internal reports that prove the agreement between the two companies. In April, LG received a payment of around US$ 600 million in patent licensing fees.

However, the company did not reveal which customers this value came from. The source heard by The Elec did not elaborate on which patents Apple agreed to with LG and the publication only says that it includes “many standard essential records”.

“Companies had signed a cross-licensing agreement on patents in the past, but as LG exited its smartphone business, this is no longer necessary, becoming something more straightforward,” reads an excerpt from the report.

Although LG Electronics has exited the smartphone marketthe company is still very important to Apple’s ecosystem, as LG Innotek and LG Display continue to supply Apple’s camera modules and displays.

The Elec publication also noted that Nokia has also had similar deals since exiting the cellphone business. PFinally, it is speculated that LG Display will provide OLED panels for the next Apple iPhone 14. We just have to wait.

And you, do you have any idea which patents Apple could have bought the rights to use LG? Tell us in the comments below!