LG announced last month that it would withdraw from the smartphone market. Several companies, including Samsung, have moved to buy and use the Korean giant’s 5G patent portfolio.
LG Electronics announced in early April that it would close its smartphone division. The South Korean company will close its mobile device division as of July 31. Upon hearing of its arch-rival’s decision, Samsung set its sights on LG’s patent portfolio.
Many companies, including Samsung, are already reportedly fighting for LG’s 5G patent portfolio. According to Korean media reports, Samsung plans to obtain a license to use them on its devices rather than buying patents.
LG currently has about 24,000 patents related to LTE and 5G technologies. The patents are worth between 1 trillion won ($900 million) and 1.5 trillion won ($1.3 billion), the sources said.
By the way, let’s note that Samsung is the only electronics manufacturer among the companies interested in LG’s patent portfolio. The rest are listed as organizations that make money licensing such patents to third parties.