Kodak’s patents may finally be sold after a partnership between Apple and Google has reportedly bid the requisite $500 million for them.
The patents, 1,100 in all, are a major factor to the Rochester-based company receiving $830 million in funding from banks.
The Apple/Google bid comes a few days after a consortium of bidders reportedly offered the same value. The 1,100 patents were valued by Kodak itself at between $2.2 billion and $2.6 billion, but failed to gain any traction during an auction in September.
The partnership was likely formed to minimize the possibility of patent infringement litigation between the two rivals as well as keep the price down for Kodak’s patents.
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