Eastman Kodak today announced it has agreed to sell its portfolio of imaging patents to a consortium of tech firms that was originally organized by two patent licensing firms, Intellectual Ventures and RPX Corporation. The consortium and Intellectual Ventures will purchase the patents and licenses for $525 million.
“This monetization of patents is another major milestone toward successful emergence,” Antonio M. Perez, Chairman and Chief Executive Officer, said. “Our progress has accelerated over the past several weeks as we prepare to emerge as a strong, sustainable company. This proposed transaction enables Kodak to repay a substantial amount of our initial DIP loan, satisfy a key condition for our new financing facility, and position our Commercial Imaging business for further growth and success.”
So what companies are in the aforementioned consortium? According to TechCrunch, which dug into a court filing, the firms include Apple, Research In Motion, Microsoft, Shutterfly, Amazon, Huawei, Fujifilm, Facebook, HTC, Adobe, Samsung and Google. As MacRumors points out, the companies likely decided to enter into a consortium so that each could share on the patents and that one company didn’t win all of them after a massive bidding war.
The 12 tech companies are paying a “portion” of the $525 million, Kodak said, while the rest will be paid by Intellectual Ventures, “which is acquiring the digital imaging patent portfolio subject to these new licenses, as well as previously existing licenses.”