Apple and Google join up to buy Kodak patents
Reports are saying Google and Apple are soon to purchase Kodak's Imaging Patents for around 500 million U.S. dollars.
Google and Apple are looking to legally obtain Kodak’s imaging patents (IP). In a recent Bloomberg news report, it states that Apple and Google are actually working together to purchase the IP from Kodak in the amount of 500 million U.S. dollars.
Two individuals acquainted with the deal stated that Apple and Google were joining forces to offer more than 500 million U.S. dollars for the Eastman Kodak Company imaging patents. It further stated that while the two companies may be rivals, a partnership in a patent liquidation is good because it rids the companies of any future disputes over patent rights. In all the report states the two companies are looking to buy 1,100 imaging patents from Kodak.
Kodak, which was once the pioneer in camera’s and film never caught up with the digital revolution that began in the 1990s. Soon sales of film and cameras began to hurt the company even though it was the Kodak company that invented the core technology used in digital cameras today. Kodak attempted to make a comeback marketing their EasyShare cameras and printing devices, but it just never worked out for the company. Kodak filed for Chapter 11 bankruptcy in January 2012 with a debt of 6.75 billion U.S. dollars and 5.1 billion in assets.
In August of this year the company announced that they would be selling off their film and kiosks but motion pictures made by Kodak would remain Kodak's.