I agree wholeheartedly that Apple got off cheap.

However, I probably should have clarified my comment more comletely as if you look at the license fee environment, and the TPL/Moore/PTSC environment at the time when Apple was signed, they paid more than the average since the J3 settlement days.

That J3 and POST J3 settlement environment is a much less expensive MMP license fee environment than the pre-J3 environment that you're citing.

Also, keep in mind at the time that TPL was making the Apple deal, they were in hot water with both Chuck Moore and PTSC and borrowing money from TPL. PTSC was also showing weakness hemorraging cash due to its M&A, and going through a reorganization. The overall economy was also in the dumps, especially compared to March 2006 when these other companies were signed. TPL was hardly negotiating from a position of strength and IMO were lucky to get as much as they did from Apple all things considered. I believe Apple was signed almost out of desperation for TPL as they represented a much needed cash source for TPL. I would have much preferred that Apple still be waiting to be signed at this point as it's clear they're flush with cash and the MMP is much stronger today than it was in April 2010.

As an added note, I think it's important to look at the annual revenues of companies at the time they licensed, not at their current state. At the April 2010 time frame, I believe Apple's annual revenues were reportedly around $108B, not the current $148B you cite.

As a comparison, HP was reporting about $94B in revenues when they were signed. HP paid $26.4M in fees. Obviously, that's MORE than I submit Apple paid, but with all the other factors taken into account, that's what my statement was based on.