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Apple Paid 595 Million Dollars To LG - See Why?
LG reported in April that it had received a one-time fee for patent licensing but did not reveal the names of its customers.
According to industry sources, LG Electronics was paid KRW 890 billion ($662.4 Million) by two companies.
KRW 800 billion ($595.4 Million) was paid by Apple. The second unidentified company paid the remaining ones.
According to reports, Apple and LG Electronics have entered into a long-term licensing agreement for patents
that could last up to ten years.
This is a standard practice among multi-national conglomerates. It is possible that the patents included many standard essential patents.
LG has ceased to be in the smartphone business, and its obligations to Apple for cross-licensing agreements have changed.
Apple will pay LG to cover the remaining cross-licensing agreements.
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