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.
Fool contributor Rich Smith owns shares of Apple. The Motley Fool owns shares of Apple and Google. Motley Fool newsletter services recommend Apple and Google. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.