Apple and Google Bolster Bid on Kodak Patents to $500 Million
There's no love lost between Google and Apple. Steve Jobs once vowed to destroy Android even if it meant bankrupting Apple, and given his competitive nature, there's every reason to believe he fully meant it. More recently, Apple raked one of Google's hardware partners (Samsung) over the coals by winning a $1 billion patent verdict.
Despite all that, the two companies have come together to jointly bid more than $500 million to buy Kodak patents out of bankruptcy, Bloomberg reports.
It seems strange that the two would set aside their differences, but it's not unusual in instances like this. By partnering up to buy these patents, both sides protect themselves from potential litigation, which as the Samsung verdict proves can be quite costly.
As for Kodak, the company fell on hard times and had to file a Chapter 11 bankruptcy earlier this year. Kodak was ill-prepared for the transition to digital photography, forcing the company to sell off its print film business and shift focus to commercial businesses like printers.
Despite all that, the two companies have come together to jointly bid more than $500 million to buy Kodak patents out of bankruptcy, Bloomberg reports.
It seems strange that the two would set aside their differences, but it's not unusual in instances like this. By partnering up to buy these patents, both sides protect themselves from potential litigation, which as the Samsung verdict proves can be quite costly.
As for Kodak, the company fell on hard times and had to file a Chapter 11 bankruptcy earlier this year. Kodak was ill-prepared for the transition to digital photography, forcing the company to sell off its print film business and shift focus to commercial businesses like printers.
