InterDigital Inc. (NASDAQ: IDCC) announced it entered into a patent license agreement with Amazon covering the company's services and devices, including Amazon Prime Video. The agreement was announced on June 11.

The parties agreed to resolve all pending litigation and will enter binding arbitration to determine the final terms of the new agreement, according to a company statement.

"This agreement is an important milestone in InterDigital's longer-term goal to expand into video streaming services licensing and is recognition of the importance of our foundational technology in devices and services," said Julia Mattis, Chief Licensing Officer at InterDigital.

InterDigital is a wireless, video and AI technology research and development company that licenses its innovations to companies providing communications and entertainment products and services. The company was founded in 1972 and is based in Wilmington, Delaware.