Apple and Google Place Rival Bids for Kodak Patents
The initial bids placed for some 1,100 patents being auctioned off by Eastman Kodak came from Apple and a consortium led by Google. The groups bid between $150 and $250 million, according to the Wall Street Journal, which cited sources familiar with the proceedings. Kodak is auctioning off digital imaging patents in two lots as part of its bankruptcy restructuring. The first lot includes patents pertaining to capturing and processing images on smartphones, tablets, and cameras; and the second relates to storing and analyzing images. These opening bids are much lower than the final amount Kodak is seeking. Earlier this year, Kodak's patents were valued at more than $2 billion. The proceeds of the patent auction will go to repay Kodak's creditors and to help Kodak rebuild its business if there are any proceeds left over. Some of the companies that belong to the Google-led consortium include Samsung, LG, and HTC, all of which use Google's Android platform in their smartphones. The auction officially begins August 8 and a winner will be picked August 13.