According to a recent report in the Korea Times, royalty payments by Korean mobile phone makers to Qualcomm for CDMA handsets will gradually be phased out in the coming years. The report stated that Samsung has reached an agreement with Qualcomm whereby it will stop paying royalties for CDMA handsets sold in the Korean market in August 2006, and for CDMA phones sold in overseas markets in August 2008. Other makers such as LG and Pantech will reportedly also stop paying CDMA royalties. However, Qualcomm denied the report saying that it has not made deals with Korean makers concerning an end to royalty payments. Currently, Korean handset makers pay 5.25% to 5.75% of phone prices in royalties to the US company.