"Other leading competition authorities, including the Korean Fair Trade Commission, the US Department of Justice and the Canadian Competition Bureau have investigated the same facts and concluded that LG Electronics should not be held liable for the conduct of LG Philips Displays, " said John Kwon, executive vice president of LG Electronics.

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LG, Philips and Sharp invite other Smart TV makers and application developers participate in the initiative and provide ideas for simplifying the development process while improving the user experience.

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Dutch-based Philips faces the biggest penalty of 313.4m euros, followed by LG Electronics with 295.6m.

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Having LG Electronics supporting Google TV could be a major win for the TV-centric platform, but LG is also hedging its bets by supporting a rival consortium with TD Vision (which owns the Philips brand) and which seems to have support from Sharp Electronics.

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