Bankruptcy Court Approves $525 Million Sale of Kodak’s Patent Assets
A judge on Friday approved the sale and license of Kodak’s digital imaging patent portfolio to major tech companies, including Apple, Google, and Microsoft. Kodak announced in December that it had entered agreements to sell and license its patent portfolio for $525 million. According to Kodak’s press release, “Kodak will receive approximately $525 million, a portion of which will be paid by 12 intellectual property licensees organized by Intellectual Ventures and RPX Corporation, with each licensee receiving rights with respect to the digital imaging patent portfolio and certain other Kodak patents. Another portion 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.” With the approval of Bankruptcy Judge Allan Gropper for roughly 1,100 of Kodak’s patent assets, this ends a year of Chapter 11 bankruptcy proceedings against Kodak and releases the company from current patent-related litigation between all parties involved.