Apple reportedly paid LG for a long-term patent licensing agreement

In April, LG reported that it received a one-time payment for patent licensing but didn’t reveal who the customers were. In a report from TheElec we learn that LG Electronics received KRW 890 billion ($662.4 million) by two companies, of which KRW 800 billion ($595.4 million) was paid by Apple, according to industry sources. The difference was paid by an unidentified company.

LG Electronics and Apple have reportedly entered a long-term patent licensing agreement of upwards of ten years, a common practice for multi-national conglomerates. The patents may have likely included “many standard…