It seems that film isn’t the only thing Kodak has been developing recently. The famous digital imaging and photography company agreed to sell their patent portfolio to a large group of companies including Google, Apple, and Facebook. Eastman Kodak, based in Rochester NY, is monetizing their patents to help recover from a recent bankruptcy. Economists are predicting that the $525 million agreement will help Kodak re-emerge from Chapter 11 in the first half of 2013. Amazon, Samsung, and Microsoft are also members of the 12-company group of licensees.
Eastman Kodak was once one of the most popular photo/camera companies in the world and intends to use the funds to re-capture their success of the 1980s. Kodak cameras and film revolutionized the imaging industry as they were one of the first to develop new products using megapixel sensors. This deal was brokered by a patent-holding company known as Intellectual Ventures, as well as the RPX Corporation, who handles other areas of patent security. Ironically, Kodak’s recent bankruptcy seems to have been directly affected by the licensees in the agreement, once viewed as their competitors. It is not known yet how Google, Apple, or Facebook will use the Kodak patents, however many are speculating that information will begin to trickle out sooner rather than later.