Apple-Google Join Hands to Bid $500 Million Plus for Kodak Patents: Reports
By Rohit KVN | December 10, 2012 3:30 AM EST
American technology companies Apple and Google are reportedly teaming up to bid for 1,100 imaging patents held by Eastman Kodak Company.
"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 people, who asked not to be identified because the process is private, Bloomberg reported.
The reported partnership between Apple and Google is not seen as a surprise to people familiar with technology business because similar deals were formed by Apple, Microsoft and RIM (Research in Motion) last year together bought Nortel Networks Corp's 6000 plus patents for $4.5 billion.
"Apple and Google learned a lesson from the Nortel's auction," said Richard Ehrlickman, former vice president of Intellectual Property at International Business Machines Corp. and president of IP Offerings, a patent brokerage and consulting company in Boca Raton, Florida.
He further said, "They have decided to come together in this process to reduce the cost of purchasing the Kodak patents, while meeting their business needs.", Bloomberg reported.
It is reported that Kodak obtained $830 million exit financing last month with a commitment that patents would most probably sell at least for $500 million.
The reported bid of more than $500 million for the Kodak patents is expected to bring some relief to the photography company which is reeling under severe cash crunch ever since the company filed for bankruptcy in January this year.
To contact the editor, e-mail:
Most Popular Slideshows
- Still The World Champions: Team USA Overpowers Serbia, 129-92 To Win 2014 FIBA World Cup [PHOTOS]
- After Win Over Maidana, Mayweather Says He Is Prepared To Negotiate A Fight With Pacquiao
- From Fat To Fit: Celebrities Who Were Overweight Before They Became The Beauties That They Are
- USA Defeats Lithuania, 96-68; Americans Advance To Championship Round Of 2014 FIBA World Cup [PHOTOS]
Join the Conversation
- iOS 8 Release Date Of Sept 17 Has Arrived: Update Begins At 10AM Pacific Time, Upgrade Your iDevices With iOS 7.1.2 First To Install iOS 8
- Pregnant Kate Middleton May Call Off Malta Trip Due To Sickness: Royal Couple Will Move To Anmer Hall Residence
- Why Samsung Galaxy S5 Is Not The Best Smartphone To Purchase Now? If You Still Want To, Wait For A Month To Get It Cheap
- Apple iPad Air 2, iPad Mini 3 October Release Date Roundup: Freshly Leaked Protective Case Debuts Unique Vent Alongside Camera
- Ukraine Crisis: Poland Denies Supplying Weapons To Kiev
- Google Nexus 8 Release Date Countdown Begins Oct 8: 8 Killer Specs and Features to Expect
- Canadian IS Jihadist Wants to ‘Play Soccer’ with Heads of US Decapitated Soldiers