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Kodak to sell patent portfolio for $525 million

Kodak sells 1,100 patents to a group of companies including Facebook, Google, and Apple for $525 mil

| Business, Financial & Legal News | Posted: Dec 20, 2012 12:01 am

Kodak is in a bit of trouble as they have filed for bankruptcy and have been battling the changing market known as the digital camera. Kodak is selling 1,100 digital imaging patents for $525 million. The patents are being purchased by a collection of companies, including Apple, Google, Facebook, and Samsung.

 

TweakTown image news/2/7/27384_1_kodak_to_sell_patent_portfolio_for_525_million.jpg

 

Kodak needs this sale to try and stay afloat and adapt to the changing market. "This monetization of patents is another major milestone toward successful emergence," Antonio M. Perez, Kodak's chief executive, said in a press release. "Our progress has accelerated over the past several weeks as we prepare to emerge as a strong, sustainable company."

 

Of course, as part of the deal, Kodak retains the ability to use the patents in future products, as well as use for the companies that it is selling.

 

In other Kodak news, the company is looking to move into the professional printing and packaging business, an area where it expects to have "significant competitive advantages and strong growth prospects."

NEWS SOURCES:Nytimes.com

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