RIM to Pay a Lump Sum of $65 Million to Nokia (Yearly?)December 26, 2012 1 Comment
Recently, RIM settled with Nokia over a few Nokia patents. It was reported that RIM had agreed to pay up front and also signed up for on-going payments for future licensing. It wasn’t specified how much the lump some came up to but NokiaPowerUser is reporting that it was $65 Million.
According to RIM’s FORM 6-K, filed on December 21, it was disclosed that the one payment made to Nokia in recent patent agreement is $65 million.
On December 21, 2012, Nokia and RIM announced that they have entered into a new patent license agreement. The agreement will result in the settlement of all patent litigation between the companies and Nokia’s dismissal of all pending actions in the United States, United Kingdom, Canada and Germany. The financial structure of the agreement includes a lump sum €50 million (approximately $65 million) one-time payment, which has been recorded in the Company’s consolidated statement of operations in the third quarter of fiscal 2013.
Also, NPU points out that RIM and Nokia already had an agreement in place since 2003 but missed a payment in 2011 and sought to breach the agreement. $65 Million may be how much RIM has to pay Nokia on a yearly basis and the lump sum may just be the missed payment.
Tags: Nokia, rim, Windows PhoneNews