WebOS gets another shot at life thanks to LG Electronics. LG is acquiring WebOS from Hewlett-Packard, with the intention to use the operating system not for its mobile phones, but in its smart televisions. With the deal, LG obtains the source code for WebOS, related documentation, engineering talent, and related WebOS Web sites. LG also gets HP licenses for use with its WebOS products, and patents HP obtained from Palm. The financial terms of the deal weren't disclosed. The acquisition marks the end of a sad chapter of WebOS, an operating system that many saw promise in, but was badly mismanaged by HP. Initially hailed as the potential savior of Palm, it was seemingly bailed out by HP before it quickly pulled the plug on its mobile initiative last year. Its mobile products, including a revamped Pre and the infamous TouchPad tablet. Read the full story at CNET.