Apple, Google and others team up to buy Kodak patents for $525 million
Kodak has finalized the deal to sell off its more than 1,100 imaging patents. After weeks of rumors, the struggling camera manufacturer sold its patent library to a group of 12 companies: Apple, Research In Motion Limited (RIM), Google, Samsung, Adobe, HTC, Facebook, Fujifilm, Huawei Technologies, Amazon, Shutterfly and Microsoft.
The collection of camera hardware and software manufacturers has divvied up the patents to meet their needs. Shutterfly, for example, licensed 55 patents and 50 patent applications from the camera pioneer.
The final sale of the patents came to $525 million — falling short of Kodak’s original $2.6 billion target to pay the debt to its creditors. The deal is subject to approval of a bankruptcy court in New York.
After filing for Chapter 11 bankruptcy in January of 2012, Kodak is refocusing on printing. With the finalization of the patents sale, Kodak is hopeful to emerge from bankruptcy in the first half of 2013.
Read the full press release here.