Roku's advertising revenue rose 27% year on year to US$613 million in the first quarter.
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Alphonso, which runs LG Electronics’ connected TV ad platform, has started preparations for a US IPO, according to its leadership in Seoul.
The Silicon Valley company delivers global ad solutions through LG’s webOS platform, installed in more than 220 million TVs.
LG Electronics acquired Alphonso in 2020 and currently holds a 65.7% stake in the firm.
The companies had legal disputes over board seats and IPO rights, with a Delaware court in March 2025 ordering LG to restore the founders’ positions and protections.
Alphonso’s co-founder Ashish Chordia said the majority of the dispute is behind them, though some issues remain, and the company is focused on growth.
No details were provided about the IPO timeline or share offering.
LG’s dispute with Alphonso illustrates how corporate governance conflicts often emerge when acquired companies significantly outperform initial expectations.
LG paid $80 million for a controlling stake in 2021, but tensions arose as Alphonso’s revenue surged from approximately $100 million in 2021 to nearly $300 million in 2022 2 .
The financial success appears to have triggered LG’s attempt to consolidate control by ousting founder Ashish Chordia and other executives from the board in 2022 2 .
A Delaware court ultimately ruled LG’s board exclusion tactics “malicious” and restored the founders’ rights, demonstrating how legal protections for minority shareholders become critical when asset values increase dramatically 1 .
This reflects broader tensions in tech acquisitions where majority owners may seek greater control as acquired assets prove more valuable than anticipated, particularly when original agreements included IPO options that could dilute the acquirer’s influence.
LG’s partnership with Alphonso represents a broader transformation where traditional electronics manufacturers are monetizing their installed hardware base through advertising platforms.
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