LG is open sourcing its webOS platform
LG originally acquired the operating environment from Hewlett Packard in 2013 (which itself was acquired along with all of Palm, its original developer, back in 2010). The company stated in its press release announcing the open source move that the goal is to "expand the webOS global footprint."
LG wants developers to use webOS for a multitude of devices on top of its existing implementation of TVs and refrigerators, including set-top boxes, smart devices, and others. This positions it well against Tizen OS, one of its primary competitors in the TV operating system space.