Kodak to exit consumer photography, while tech giants gang-up to buy patents
Kodak has announced it will sell its Personalized Imaging and Document Imaging business units, to focus on 'commercial, packaging and functional printing solutions and enterprise services,' ending Kodak's role as a consumer-facing photographic company. The Personalized Imaging business includes print kiosks and consumer film, while the Document Imaging business includes scanners and commercial document management. In the meantime, the company stresses that products and support will be available and both businesses will be sold as going concerns.
Meanwhile the Wall Street Journal has reported that many of the world's biggest technology companies, including Samsung, Apple and Google, have formed a consortium to bid for Kodak's digital imaging patents. Kodak was hoping the sale of its patents would raise over $2.2bn which would help the remains of the company emerge from Chapter 11 bankruptcy protection. The newspaper reports that the consortium is looking to pay as little as $500m for the patents which cover Kodak's many fundamental inventions in the digital field.
Kodak will continue to make film for the movie industry, along with its 'Specialist Film' division, which makes large-format films for aerial and industrial photography. It will also continue to run its Consumer Inkjet division as one of its last public-facing businesses.
Kodak Takes Next Steps toward Successful Emergence
ROCHESTER, N.Y.--BUSINESS WIRE--Eastman Kodak Company today outlined its next steps toward a successful emergence from Chapter 11 reorganization as a company primarily focused on commercial, packaging and functional printing solutions and enterprise services. Accordingly, the company has initiated sale processes for its market-leading Personalized Imaging and Document Imaging businesses.
“In addition, we continue our initiatives to reduce our cost structure and streamline our operating models in an effort to return the company to profitability.”
Kodak believes that the sale of these assets, as well as continued cost-reduction initiatives, curtailment of its legacy liabilities, and the monetization of the company’s digital imaging patent portfolio, will be significant milestones toward completing the company’s reorganization and emergence from Chapter 11 during 2013.
“The initiation of a process to sell the Personalized Imaging and Document Imaging businesses is an important step in our company’s reorganization to focus our business on the commercial markets and enable Kodak to accelerate its momentum toward emergence,” said Antonio M. Perez, Chairman and Chief Executive Officer. “In addition, we continue our initiatives to reduce our cost structure and streamline our operating models in an effort to return the company to profitability.”
“We are reshaping Kodak. We continue to rebalance our company toward commercial, packaging and functional printing – in which we have the broadest portfolio solutions – and enterprise services. These businesses have substantial long-term growth prospects worldwide and are core to the future of Kodak. We are confident that our competitive advantages in materials science and deposition technologies, as well as our know-how in digital imaging, will enable us to capitalize on those opportunities and extend our leadership in key growth markets.”
Kodak noted that in addition to the commercial, packaging and functional printing and enterprise services businesses, it also continues to own and operate the Consumer Inkjet, Entertainment Imaging, Commercial Film and Specialty Chemicals businesses, given the company’s expertise, capabilities and strong customer relationships in these markets, as well as their combined cash-generating capability.
The Personalized Imaging business consists of Retail Systems Solutions (RSS), Paper & Output Systems (P&OS) and Event Imaging Solutions (EIS). RSS is the worldwide leader in retail print solutions with a global footprint of 105,000 KODAK Picture Kiosks; P&OS includes the broadest portfolio of traditional photographic paper and still camera film products; and EIS provides souvenir photo products at theme parks and other venues. The Document Imaging business provides a leading and comprehensive portfolio of scanners, capture software and services to enterprise customers.
“Personalized Imaging and Document Imaging are valuable businesses that enjoy leading market positions as a result of superior products and service offerings. We remain steadfast in our commitment to our customers, and we will work to ensure that they continue to receive the exceptional levels of quality and service they have come to expect from Kodak. Customers remain the top priority of all our businesses – those we intend to sell and those that will remain part of Kodak,” Perez said.
Kodak said it would move forward as quickly as possible and has targeted completing these transactions in the first half of 2013. Lazard is adviser to Kodak in the sale process.
In accordance with its prior announcement, the company is continuing discussions with parties with respect to the potential sale of its digital imaging patent portfolio. The company reiterates that it has made no decision to sell the portfolio and Kodak may, in consultation with creditors, retain the portfolio as an alternative source of recovery for creditors.
“As we move forward with the Chapter 11 process, we are focused on delivering the highest value to our creditors so that we can emerge as a sustainable, profitable company that continues to meet the needs of our customers,” Perez concluded.
At this year's CP+ show in Yokohama, we sat down with senior executives from several major manufacturers, including Canon. Topics of conversation included Canon's ambitions for high-end mirrorless cameras, and the importance of responding to the demands of the smartphone generation.
We were recently able to follow local frame builder Max Kullaway as he created one of his AirLandSea bikes. Here are our picks of the photos we got, as the project progressed from bare tubes all the way to rideable bicycle.
On paper, the Sony a7 III is a tempting option for photographers who've been considering a switch to full-frame mirrorless. But how does its image quality stack up? We compare it to the Mark II and a few of its other peers.
Erez Marom shares the details behind this beautiful aurora photograph, captured on Haukland Beach in the Lofoten Islands, Arctic Norway, on a moonless evening.
Google Lens uses artificial intelligence and 'computer vision' to identify and provide information about businesses, landmarks and other objects using your phone's camera. And now it's available for iPhone users, too.
The company posted a record quarterly revenue of $2.08 billion for the first quarter of the 2018 fiscal year. That represents incredibly healthy year-over-year growth of 24 percent.
In the job posting, the Times' describes this role as "one of the most important and high-profile jobs in visual journalism." If you're looking for a high profile job in photojournalism, you could do a lot worse than being Photo Director at The Gray Lady.
According to a recent report out of South Korea, Samsung is increasing production of its ISOCELL image sensors in a bid towards market leadership for image sensors. To reach this goal, Samsung will have to dethrone current market leader Sony... no small task.
In this video, large format photographer Ben Horne shows off the incredible resolving power of 8x10 slide film by pixel peeping a massive 709.6-megapixel drum scan of one of his landscape shots. And you thought 100MP medium format was big...
Photographer Wendy Teal tells the heart-breaking story of a wedding she shot at a hospital on just 24-hours notice. The mother of the bride had been given one week to live, and Wendy responded to the couple's desperate social media plea for someone to capture their special day.
This tiny little plug-and-play VR/AR camera for Android phones uses a pair of greater-than-180° FOV fisheye lenses to offer both 360° video/photo capture and 360° livestreaming at 1440p resolution.
Syrp has announced the Magic Carpet Pro: a slider that offers filmmakers an 'infinitely extendable' range thanks to built-in track levers that let you connect lengths of track without the use of tools.
At CP+ we sat down with executives from several major manufacturers. Among them was Kenji Tanaka, of Sony, who talked to us about the a7 III as well as its plans to attract more pro shooters – without ignoring APS-C and entry-level customers.
How do you shoot macro photography on an 18x24cm large format wet plate camera? You 'connect' two large format cameras together! That's how wet plate photographer Markus Hofstaetter did it, and you can read about the whole process in this article.
The Fujifilm X-H1 is a top-of-the-range 24MP mirrorless camera with in-body stabilization and the company's most advanced array of video capabilities. We've tested the X-T2's big brother extensively to see how it performs.
Motorsports photojournalist Jamey Price recently flew to Canada with Lamborghini for the car company's Winter Accademia 2018, where clients get to drive the latest Lamborghini supercars on snow and ice. Yes... it is exactly as awesome as it sounds.
For the Pixel 2 smartphone's Motion Photos feature, Google built on its existing Motion Stills technology by adding advanced stabilization that combines software and hardware capabilities to optimize trimming and stabilization.
This "high-capacity advanced spider tripod" system can handle a maximum load of 65kg / 143lbs thanks to its reinforced design and 8-layered carbon fiber legs.
Photographer William Briscoe captured the beautiful two-for-one timelapse just outside Fairbanks, Alaska on January 31st, braving -31°F (-35°C) temperatures to get the shot.
"After his camera was stolen from his room in the orphanage, he switched to an iPhone for his photography, reasoning that the image quality of a big, heavy camera was less important than the freedom of a cell phone. 'Quality? Screw it, I’d sketch things with a pencil if I could draw,' he wrote in a blog post."
Chinese manufacturer Vivo has announced some AI-powered Super HDR tech to compete with Google's HDR+ system. Both systems combine multiple images to create a final shot with more dynamic range and less noise, but Super HDR claims to do so more intelligently.
The YouTube channel JerryRigEverything recently tore down (or rather, tore apart...) the new Samsung Galaxy S9, giving us the closest look at yet at the new smartphone's camera hardware.
The Leica l Model A, dating from between 1926 and 1927, comes with a card signed by Earhart herself. Unfortunately, this is the only 'proof' that the camera really did belong to her.
The Rokinon AF 35mm F2.8 FE is a budget-friendly option for users of Sony's a7-series that are looking to get into the 35mm focal length.
The 'semantic image segmentation model' categorizes every pixel in an image and assigns it a label, such as “road”, “sky”, “person” or “dog.” And now, Google has released its latest version as open source, making it available to any developers whose apps could benefit from the tech.
Huawai is teasing the upcoming P20 smartphone's low-light and zoom capabilities in a couple of tongue-in-cheek teaser videos on YouTube.
Fuji's latest firmware update for the GFX 50S adds two new features: a focus stacking mode, and a 35mm format mode that takes 30.5MP photos using the center portion of the camera's medium format sensor.
The crash has raised serious questions about 'startling safety gaps' in the doors-off photo tour industry. After a brief safety video, passengers are strapped in with heavy-duty harnesses and given only a knife to cut themselves loose in case of emergency.
For the first time in five years, Adobe is raising the price of some Creative Cloud subscription packages. The good news for photographers: The $10/month CC Photography plan that includes Photoshop CC, Lightroom CC, and Lightroom Classic CC will stay the same.
In a statement, Canon CEO Fujio Mitarai said the company will "go on the offensive" in mirrorless cameras, aiming to clinch 50% of the entire interchangeable-lens camera market.