Sharp Drops Lawsuit Against Hisense

TOKYO—Sharp Corp. has dropped its lawsuit against Chinese electronics manufacturer Hisense Electric Co. in a dispute over rights Sharp granted to its brand name when selling televisions in the U.S., a person familiar with the matter said.

In 2015, Osaka-based Sharp sold Hisense the right to use the Sharp brand on televisions sold in the U.S. for five years. It was one of many steps Sharp took to raise cash during its business troubles before it was acquired in 2016 by Taiwan-based iPhone assembler Foxconn Technology Group.