Sony and LG announced they will end their patent lawsuits (KIM KYUNG-HOON/REUTERS)

“We and Sony have agreed to withdraw lawsuits filed against each other,” LG told Korea’s Yonhap News. “And the two companies have agreed to share each other's patent rights in a cross-licensing deal.”

Sony and LG have been locked in lawsuits over patents relating to smartphones, Blu-ray players and digital television sets. Last year, Sony filed a complaint against LG with the U.S. International Trade Commission to block LG from shipping its Rumor Touch to the United States. LG then filed a complaint about Sony’s PlayStation 3 infringing on its Blu-ray technology that led to the gaming consoles being seized for ten days by customs officers in the European Union in February.

Sony and LG have declined to release any more details about their deal, The Wall Street Journal reported.

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