“Eastman Kodak Co agreed to sell its digital imaging patents for about $525 million, a key step to bringing the photography pioneer out of bankruptcy in the first half of 2013,” Tom Halss reports for Reuters. “The deal for the 1,100 patents allows Kodak to fulfill a condition for securing $830 million in financing.”

“The patent deal was reached with a consortium led by Intellectual Ventures and RPX Corp, and which includes some of the world’s biggest technology companies, which will license or acquire the patents,” Halss reports. “Those companies are Adobe Systems Inc, Amazon.com Inc, Apple Inc, Facebook Inc, Fujifilm, Google Inc, Huawei Technologies Co Ltd, HTC Corp, Microsoft Corp, Research In Motion Ltd, Samsung Electronics Co Ltd and Shutterfly Inc, according to court documents.”

Halss reports, “Kodak traces its roots to the 19th century and invented the handheld camera. But it has been unable to successfully shift to digital imaging. It will likely be a different company when it exits bankruptcy, out of the consumer business and focused instead on providing products and services to the commercial imaging market. The patent sale is subject to approval by the U.S. Bankruptcy Court in Manhattan.”

Read more in the full article here.

[Thanks to MacDailyNews Reader "Rainy Day" for the heads up.]

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