08/12/2012 04:44:00

Apple, Google Team Up on $500 Million-Plus Bid for Kodak Patents--Report

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Apple Inc. (AAPL) has joined with rival Google Inc. (GOOG) to offer more than $500 million for the digital patent portfolio of bankrupt photography pioneer Eastman Kodak Co., Bloomberg News reported Friday, citing unnamed sources.

The two tech giants had led seperate teams bidding for the patents over the summer, and The Wall Street Journal reported Wednesday a bid had topped the $500 million level. Kodak reached a deal with creditors for $830 million in loans last month that was contingent on Kodak getting at least $500 million for its patents, the Journal reported.

Complete report: http://www.bloomberg.com/news/2012-12-08/apple-joins-google-in-500-million-plus-bid-for-kodak-patents.html

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

December 07, 2012 23:44 ET (04:44 GMT)

Copyright (c) 2012 Dow Jones & Company, Inc.

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