Hewlett-Packard sells webOS to LG Electronics

Hewlett-Packard headquarters in Palo Alto, Calif.
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PALO ALTO, Calif. Hewlett-Packard (HPQ) says it is selling its webOS operating system technology to South Korea's LG Electronics for an undisclosed sum.

Hewlett-Packard and LG said on Monday that LG will use webOS to support its "smart TV" technology. Like smartphones, smart TVs are web-connected and allow for more interaction between the device and its user. LG and rival Samsung Electronics showed off smart TV models earlier this year ahead of the International Consumer Electronics Show in Las Vegas.

HP bought the struggling smartphone maker Palm for nearly $1 billion in 2010, hoping Palm's webOS would boost its standing in the mobile market. This did not happen.

In late 2011, HP made webOS available as open-source software for anyone to use or modify for free.