SEOUL, Korea and SANTA CLARA, Calif., March 18, 2013 (GLOBE NEWSWIRE) -- Rovi Corporation (Nasdaq:ROVI) and LG Electronics, Inc. (KSE:066570.KS) have agreed to settle their patent disputes by entering into a multi-year license agreement.
The agreement grants LG a license to Rovi's patent portfolio for use across all of LG's product lines. In addition, the agreement provides LG a broad right to include certain Rovi solutions in LG consumer electronics products. Terms of the agreement were not disclosed.
"We're pleased to renew our business relationship with LG," said Tom Carson, CEO of Rovi Corporation. "From Rovi's standpoint, the opportunity to have our technology adopted by a leading major brand like LG will further enhance consumers' ability to connect to, discover and enjoy entertainment content on multiple devices."
Wayne Park, CEO of LG Electronics USA, said, "Putting aside our differences is in the best interest of LG customers. By combining LG's world-leading innovations across multiple categories with electronic program guide and other technologies from Rovi, LG will bring a new level of interaction and enjoyment to content-hungry consumers."
About LG Electronics USA
LG Electronics USA, Inc., based in Englewood Cliffs, N.J., is the North American subsidiary of LG Electronics, Inc., a $45 billion global force and technology leader in consumer electronics, home appliances and mobile communications. In the United States, LG sells a range of stylish and innovative home entertainment products, mobile phones, home appliances, commercial displays, air conditioning systems and solar energy solutions, all under LG's "Life's Good" marketing theme. LG is an ENERGY STAR® Partner of the Year. For more information, please visit www.LG.com.
About LG Electronics, Inc.
LG Electronics Inc. (KSE:066570.KS) is a global leader and technology innovator in consumer electronics, mobile communications and home appliances, employing more than 93,000 people working in over 120 operations around the world. With 2012 global sales of $45 billion, LG comprises four business units – Home Entertainment, Mobile Communications, Home Appliances, and Air Conditioning & Energy Solutions. LG is one of the world's leading producers of flat panel TVs, mobile devices, air conditioners, washing machines and refrigerators. For more information, please visit www.LGnewsroom.com.
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About Rovi Corporation
Rovi powers the discovery, delivery, display and monetization of digital entertainment. With innovative technology solutions for consumer electronics manufacturers, service providers, content producers, advertisers, retailers and websites, Rovi connects people and the entertainment they love. The company holds over 5,000 issued or pending patents worldwide and is headquartered in Santa Clara, California. More information about Rovi can be found at rovicorp.com.
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Forward Looking Statements
All statements contained herein that are not statements of historical fact, including statements that use the words "will" or "is expected to," or similar words that describe the Company's or its management's future plans, objectives, or goals, are "forward-looking statements" and are made pursuant to the Safe-Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the Company to be materially different from the historical results and/or from any future results or outcomes expressed or implied by such forward-looking statements. Such factors are further addressed in the Company's most recent report on Form 10-K for the period ended December 31, 2012 and such other documents as are filed with the Securities and Exchange Commission from time to time (available at www.sec.gov). The Company assumes no obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release, except as required by law.