Qualcomm to pay Broadcom $891m

Wireless chip supplier Qualcomm has agreed to pay smaller rival Broadcom Corp $891 million over four years to settle the long-standing and increasingly bitter legal battles over technology patents, according to Reuters.

Qualcomm lost several key battles in patent infringement cases with Broadcom in the last few years, which have taken place on three continents since 2005. It announced yesterday that it would make the first payment of $200 million to Broadcom in the current quarter.

On Thursday, Qualcomm rescheduled its quarterly earnings call at the last minute saying it was in advanced settlement talks with Broadcom.