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What simply occurred? Reddit has obtained some unwelcome information forward of its preliminary public providing (IPO) this week. Nokia Applied sciences, the well-known telephone firm’s licensing and networking gear enterprise, has accused the social media platform of infringing on a few of its patents.
Nokia Applied sciences despatched Reddit a letter on Monday informing the corporate of the declare, in accordance with an amended SEC submitting made on Tuesday (by way of Bloomberg).
“As we face rising competitors and turn out to be more and more excessive profile, the potential of receiving extra mental property claims in opposition to us grows,” Reddit mentioned within the submitting.
Bloomberg notes that this is not Nokia’s first patent dispute. It reached a patent agreement with Chinese language telephone maker Oppo in January, ending a battle that had endured for years and compelled Oppo and OnePlus to halt gross sales in Germany.
Nokia additionally settled a dispute with Daimler in 2021 over the licensing of wi-fi know-how patents in automobiles that had threatened the sale of Mercedes in its residence nation of Germany.
Going again additional, BlackBerry was ordered to pay Nokia $137 million in 2017 over a patent contract dispute, and it was in a authorized battle with Apple associated to IP use that led to a multi-year patent license, additionally signed in 2017.
Nokia mentioned that between 1984 and 2014, it invested greater than €50 billion ($54.3 billion) to create a portfolio of 30,000 patents and patent purposes, which have been producing the corporate a sizeable revenue for years.
In February, it was reported that Reddit had signed a contract in early 2024 with Google granting the tech agency permission to coach its AI fashions utilizing the platform’s subject material. The deal is claimed to be price round $60 million per 12 months.
The Google licensing deal attracted the eye of the Federal Commerce Fee (FTC), which mentioned it planned to conduct a private inquiry into Reddit’s practices in regards to the sale, licensing, or sharing of user-generated content material.
Reddit is concentrating on a valuation of $6.5 billion for its IPO. Reuters writes that it’s between 4 and 5 instances oversubscribed, making it more likely to realize the goal valuation. It’s anticipated to debut on the New York Inventory Alternate on March 21.
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