Kodak sells imaging patents to pay down debt

Struggling imaging company Kodak announced today that it sold its digital imaging patents to pay off its debts as it moves through bankruptcy. The US$525 million portfolio was purchased by patent licensing companies Intellectual Ventures and RPX Corporation. Intellectual Ventures will pay a portion of this $525 million figure, while the rest will come from 12 licensees including Apple, Google and RIM.

As part of this transaction, Kodak agrees to settle current patent-related litigation involving the participants, including Apple. Kodak and Apple have battled in court over imaging patents, some of which were developed during the time Kodak worked with Apple on the QuickTake 100 digital camera. In the course of the legal proceedings, Kodak sued Apple and Apple countersued Kodak claiming the company misappropriated the digital imaging technology from this collaboration.

[Via The Verge]