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News Summary: Kodak sells patents for $525 million

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News Summary: Kodak sells patents for $525 million
Submitted by Fox First at Ten on December 20th

By The Associated Press

STEPPING STONE: Eastman Kodak is selling its digital imaging patents for about $525 million, money the struggling photo pioneer says will help it emerge from bankruptcy protection in the first half of 2013.

GROUP OF 12: Apple Inc., Google Inc., Samsung Electronics Co., Research In Motion Ltd., Microsoft Corp., China's Huawei Technologies and Facebook Inc. are among the 12 companies paying to license the 1,100 patents, according to court filings.

HISTORY: Founded in 1880, Kodak filed for Chapter 11 bankruptcy protection in January after a long struggle to stay relevant. First came competition from Japanese companies, then the shift from film to digital photography. Kodak failed to keep up.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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