Reports out of Bloomberg yesterday suggest that Eastman Kodak (KODK -0.71%) may have found a buyer for its portfolio of 1,100 imaging patents. Citing sources "familiar with the situation," Bloomberg reports that Apple (AAPL 0.30%) and Google (GOOGL -1.10%) 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.