Kodak's imaging patents include their lunar module camera used to take this photo of the earth rising in 1966.

Kodak may be selling some of its 1,100 imaging patents to Apple and Google. According to Bloomberg, the two competing mobile giants are setting aside their differences to edge out competitors like Blackberry’s RIM. 

Kodak was once king of the camera industry, claiming 90% of U.S. film sales in 1976. Now, the 132-year-old company is selling its assets as it files for bankruptcy.

Bloomberg spoke with some unnamed sources about the sale:

Apple Inc. (AAPL) and Google Inc. have joined forces to offer more than $500 million to buyEastman Kodak Co. (EKDKQ)’s patents out of bankruptcy, said people familiar with the situation.

The two companies, competing for dominance of the smartphone market, have partnered after leading two separate groups this summer to buy some of Kodak’s 1,100 imaging patents, said the people, who asked not to be identified because the process is private.

[...]The Apple-led group pursuing Kodak’s patents included Microsoft and Intellectual Ventures Management LLC as of July, the people said, while Google’s partners included patent- aggregation company RPX Corp. and Asian makers of Google’s Android phones. The two groups had separately offered less than $500 million for Kodak’s portfolio. They now teamed up to offer more together, said two of the people.

 Read the rest of Bloomberg's coverage here.