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Jan 24, 2017 10:38 AM EST

It is no secret that LG and Samsung are rivals when it comes to technology products. However, in a surprising turn of events, Samsung has confirmed that it will purchase LCD TV panels from LG.

According to Bloomberg, it would be the first time any form of agreement will be reached between South Korean companies LG and Samsung. Reports indicate the only reason it is happening is because Samsung's original supplier, Sakai Display Products Corporation, has decided to lessen its supply of LCD panels to TV manufacturers. LG seems to benefit the most in this development as the supply is said to remain tight until 2018.

The report also indicated that Sony will probably be the next TV maker to buy panels from LG but it is not yet known how quickly LG will be able to boost its production in case the demand skyrockets. This will no doubt have a major effect on the prices of the LG LCD TV panels.

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According to Forbes, the reason why so many TV manufacturers get LG LCD TV panels is because they make use of IPS technology. Samsung is not actually one of those TV makers that want the IPS technology but it may have no choice because of what their original supplier did.

In related news, LG reported a huge fourth-quarter profit from last year because of the spike in the prices of the LG LCD TV panels. The price hike was said to be because of the shutdown of an LCD fabrication plant last year, causing TV makers to move to other suppliers for their LCD panels as reported by Yahoo Finance. The price of 32-inch LCDs have been going up for several months and another factor was that it was holiday season late last year.

Take a look at this video highlighting the features of the Samsung HDR 4K Smart TV:

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