Intellectual Ventures and LG Electronics reach patent deal

Intellectual Ventures has just added another big company to its stable of patent licensees, announcing a patent agreement with consumer technology giant LG Electronics this morning.

The companies say the deal gives LG a license to Intellectual Ventures’ portfolio of more than 35,000 intellectual property assets, which encludes approved and pending patents.

“As an IV customer, LG has access to IV’s portfolio to defend itself from potential litigation,” reads the Intellectual Ventures news release. “IV’s patents can serve in counter-assertion, enabling more efficient negotiations to reduce liabilities and achieve favorable licensing terms.”

Bellevue-based Intellectual Ventures, headed by former Microsoft technology chief Nathan Myhrvold, was put into the national spotlight earlier this year after an investigation that aired on This American Life.

The company his year has signed patent licensing deals with companies including American Express, Samsung, HTC, RIM, Pantech, SAP, Micron, and Wistron.

Intellectual Ventures has also filed patent suits against companies including Symantec, Trend Micro, Dell, HP and Nikon. In addition, IV sued Motorola, which is in the process of being acquired by Google, one of Intellectual Ventures’ investors.