Earlier this week, Google announced that it will be entering into a patent cross-licensing agreement with Chinese tech giant Tencent which is estimated to be valued at $500 billion.

The terms of the tie-in were not disclosed, but Google’s Head of Patents Mike Lee says that it is a long-term partnership where the two companies will be working on innovation for a broad range of products and technologies.

Even though Google’s search service is still blocked in China, the company has recently increased its efforts in pursuing a number of projects in the country, including the creation of an AI lab in Beijing, an office in Shenzhen, and investing in a streaming service called Chushou.

Source: TechCrunch

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