Kodak Reportedly Receives $500 Million Patent Bid From Apple, Google

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Reports out of Bloomberg  yesterday suggest that Eastman Kodak (NYSE: KODK  ) may have found a buyer for its portfolio of 1,100 imaging patents. Citing sources "familiar with the situation," Bloomberg reports that Apple (NASDAQ: AAPL  ) and Google (NASDAQ: GOOGL  ) have teamed up to bid $500 million for the patents.

Details on the auction process are difficult to come by, because, according to Kodak Corporate Communications Manager Chris Veronda, "the court has ordered confidentiality throughout the digital imaging patent portfolio auction process." As a result, Kodak was unable to comment on the Bloomberg report.

Meanwhile, shares of Apple and Google took different directions in response to the news, with Apple shares closing down 0.6% on the day, and Google rising 0.2%, in line with the broader market.

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Rich Smith

As a defense writer for The Motley Fool, I focus on defense and aerospace stocks. My job? Every day of the week, I'm monitoring the news, figuring out the winners and losers, and tracking down the promising companies for you to invest in. Follow me on Twitter or Facebook for the most important developments in defense & aerospace, and other great stories.

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