NEW YORK (AP) — Kodak says it will license thousands of patents to Imax. The deal will supply the troubled photography company with millions of dollars.
A person familiar with the agreement, but not authorized to speak with the media, says the initial deal is worth tens of millions of dollars. It includes additional payments if certain milestones are met, along with patent royalties, the person says.
Rochester, N.Y.-based Kodak has struggled in recent years as consumers shifted to digital cameras. Investor fears regarding the company’s finances drove down the stock last month. Kodak insisted then that it had no intention of filing for bankruptcy protection.
Imax Co. will have exclusive use of Kodak’s laser projection technology. Imax says the deal will help it provide high-quality digital content for the largest theater screens.