Rochester, N.Y. – Kodak has sold its portfolio of digital imaging patents for $525 million. The deal is subject to approval by judge overseeing the company’s bankruptcy.
Two consortiums purchased the portfolio. Court papers indicate the companies getting the licenses are Apple, RIM, Microsoft, Google, Samsung, Adobe, HTC, Fujifilm, Facebook, Huawei, Amazon and Shutterfly. The sale also settles most litigation between Kodak and buyers.
Kodak is exiting the consumer film and camera business to focus on printing.
Kodak once hoped to fetch more than $2 billion for the patents. The sale of the patents was contingent on the company securing financing to exit bankruptcy.
“This monetization of patents is another major milestone toward successful emergence,” Antonio M. Perez, Chairman and Chief Executive Officer, said in a press release.