As per the reports of Bloomberg, Google and Apple have joined hands to buy about 1100 imaging patents from Eastman Kodak which had filed for bankruptcy in January 2012. The joint duo may offer more than USD $500 Million to purchase the patents.
Eastman Kodak has organized an auction in August 2012 to sell its patents but hadn’t declared any winner. Kodak had expected USD $2.2 Billion to USD $2.6 Billion. At the time of auction Google, Apple and Microsoft have offered bids but they were way below Kodak’s expectation. So, Kodak had to close the auction without declaring a winner.
Kodak was leading company to sell photographic films in 70s and 80s but began deteriorating when photographic era began transitioning to digital imaging.
Watch this video report.
It looks like a part of business strategies of Google and Apple. Both are competing each other as far as tablets and smartphones are concerned, but they have joined hands together to purchase Kodak patents.