Adeia is an IP licensing company focused on two patent portfolios: media and semiconductors. Adeia invents, develops, and acquires patents, then licenses them to companies across entertainment, consumer electronics, and semiconductors — generating no product revenue. The media portfolio covers content discovery, search, recommendations, personalization, multi-screen viewing, and data analytics, and is embedded in Pay-TV set-top boxes, streaming services, smart TVs, and connected devices. Customers include Charter, Comcast, Amazon, Disney, Samsung, and Roku. The semiconductor portfolio centers on hybrid bonding (branded as DBI — Direct Bond Interconnect), a chip-stacking technology critical for AI infrastructure, high-bandwidth memory, and advanced packaging. Semiconductor customers include Kioxia, Micron, Samsung, and SK Hynix. Adeia also has a liquid cooling technology called RapidCool in development. Media accounts for roughly 94% of revenue; semiconductors account for the rest, though semiconductors are the primary growth focus. License structures vary — Pay-TV customers pay per-subscriber fees, OTT and semiconductor customers typically pay fixed multi-year fees, and consumer electronics manufacturers pay per-unit or fixed fees. About 80% of revenue is recurring, with average contract terms of roughly five years and a renewal rate above 90%. The business runs lean with roughly 150 employees and minimal capex. Litigation is a structural cost, as Adeia routinely sues customers who refuse to license. Adeia's growth strategy focuses on expanding OTT licensing, broadening semiconductor licensing as hybrid bonding adoption grows, and entering adjacent verticals like e-commerce and ad tech.