Kodak patent sale worth $500m approved for Apple and Google

Bustles of patents relating to imaging are heading towards Apple and Google’s 24-carat gold vaults today after a judge approved the $527 million deal with the tech behemoths.

Bloomberg reports that the Bankruptcy court OK’ed the sale, allowing Kodak to offload more than a 1000 of its patents. Apple and Google formed an unlikely alliance after unsuccessfully vying for the patents separately.

Judge Allan Gropper gave the deal the green light in New York. The deal is worth less than the $2 billion Kodak was originally looking for. Judge Gropper said that whilst Kodak was ‘disappointed’ it couldn’t’ get its original asking price but added that ‘We’re moving the case forward, so we should be optimistic”.

Other companies bidding for Kodak’s patents include Microsoft, Amazon, Facebook, RIM (Blackberry maker) and Samsung. Looks like Kodak have most of the words richest tech companies at its fingertips waiting for its patents.

Kodak filed for bankruptcy around this time last year and started the patent auction in August.

Kodak LogoIf you’re wondering why Google and Apple are teaming up the grab these patents, you’d do well to know that it is actually common for companies to team up to buy out another companies patents. Sharing the patents will actually save a lot of court time in the future and of course, money. Lawyers for Kodak have said that the money it will collect from this sale, which is estimated to be $525 million, will give it some ‘patent peace’. And god knows we need some of that in this world.

It is an unfortunate shame to see Kodak fall into the abyss but the 132 year-old company is just the latest in a long line of victims from the recession. With Jessops joining the group just recently. We hope that Kodak patent sale make them live on in future smart phones.

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