Facebook’s Chief Executive Mark Zuckerberg and Google’s executive chairman Eric Schmidt are expected to sign an agreement today that could help Facebook and Google build on their recent successful IP licensing deals.
The agreement, which will be formally presented to a panel of judges, was first reported by TechCrunch.
Google CEO Sundar Pichai is expected to present the agreement at an investor conference later today.
Zuckerberg and Schmidt will be in the San Francisco area today to talk about the deal and the importance of intellectual property.
The companies announced in December that they would begin a patent licensing deal.
The company is reportedly seeking to license some of its patents to third parties.
The deals could allow for Facebook to expand its patent portfolio by licensing some of the IP from existing Google products.
“This is a big deal for the companies, for the industry, for our industry and for the world,” Zuckerberg said.
“We are extremely excited to bring our patent portfolio closer to being licensed and available to the public.
We’re going to continue working on licensing and protecting the intellectual property we already have in place.”
The companies will be able to share a total of $6.6 billion in revenue and more than $2.6 trillion in value.
In January, Facebook announced a patent agreement with the California-based tech company Qualcomm.
Zuckerberg also announced that he was forming a patent pool with companies like Cisco and Qualcomm.
That pool of patents will allow Facebook to license up to 40,000 of its IPs.
The other five patent pools are already available to other companies.