updated 05:29 pm EST, Mon February 25, 2013
Companies had been partnering on the OS for some time before sale
Hewlett Packard said today that it is selling its troubled WebOS operating system to LG Electronics. LG had worked with HP on the operating system, and is expected to use it for its line of smart televisions. Both companies declined to reveal the terms of the deal.
HP is retaining all the patents and technology related to the cloud implementation of WebOS. LG is keeping the WebOS group in California, and in the existing HP offices. HP Chief Operating Officer Bill Veghte said that the companies had been working together on the OS for some time and "as a result of this collaboration, LG offered to acquire the webOS operating system technology."
Under the terms of their agreement, LG acquires the source code, documentation, talent, websites, and all licenses under HP's intellectual property, including all patents covering the operating system and user interface. HP originally gained the operating system during its $1.2 billion acquisition of Palm. The OS was at the core of the defunct Palm smartphone and the HP TouchPad that the company notably launched a fire sale on shortly after release.