Over the last year or so, there have been rumors that LG was working on a combination HD DVD/Blu-ray player. It appears that these rumors were true as the company has announced that they will be unveiling a dual-format player at this year's CES.
LG Electronics(LG), a leader in consumer electronics and mobile communications, announced that it will launch the world's first dual-format high-definition disc player, capable of playing both Blu-ray Disc and HD DVD content.

The unit will be released in the United States in early 2007. Details will be provided at the 2007 International Consumer Electronics Show (CES), held January 8-11 in Las Vegas.

LG expects this technological breakthrough to end the confusion and inconvenience of competing high-definition disc formats for both content producers and consumers.
LG doesn't provide a lot of details about their new player. However, with CES kicking off in a few days, we'll probably hear more. In the mean time, their entire press release can be found here.