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Report: Kodak gets patent bid from Apple, Google
Monday - 12/10/2012, 11:39am EST
NEW YORK (AP) - Apple and Google, bitter rivals in smartphone technology, have joined up to make a combined bid for a bundle of patents offered by photography pioneer Kodak, according to a published report.
Bloomberg News reported Saturday that Apple Inc. and Google Inc. have abandoned competing bids for the portfolio to offer a combined $500 million. The sum is the minimum Kodak can sell the patents for and still get an $830 million loan that's crucial to getting the company out of bankruptcy.
Apple and Google declined to comment on the report. A Kodak representative did not immediately respond to a request for comment.
Kodak filed for Chapter 11 bankruptcy protection in January after struggling to adapt to the world of digital photography.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)