Kodak Sells Their Digital Imaging Patent Collection for $525 Million

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There was previously word on Kodak selling their patents, and now the company has officially sold its digital imaging patent collection to 12 big name companies such as Apple, Google, and Microsoft, to name a few. Every company who backed Intellectual Ventures’ and RPX Corporation’s bid will receive rights to Kodak’s intellectual property. While it’s initial $2.6 billion goal was met with a less than satisfying $250 million initial bid, Kodak’s collection managed to fetch a final $525 million bid.

Kodak is beginning to come back from bankruptcy and projects an reemergence in the first half of 2013 as a major commercial imaging name, rather than the consumer-focused company that we’ve known for so long. But overall, this has been quite a ride. After backing out of the camera space, it became an even more sad day when they discontinued all of their slide films. After announcing that they were selling their film business, they tried to find another way to restructure which partially involved numerous loans. But what many of us care about the most is the film business, and sources say that Lomography might be a suitor.

Though the company is working hard at restructuring, there are some of us with stories to tell when the legendary company once employed nearly everyone in a single town in upstate NY.

Via Appleinsider