Kodak patents go for $525m

KODAK has agreed to sell some of its patents to a group including Google and Apple for $525m (£323m).

The bankrupt photography firm is selling the patents in order to pay off its massive debts. However, they reached far less than the $2.6bn that had originally been floated.

It is selling around 1,100 patents to Intellectual Ventures and RPX, two companies which buy out patents and then licence them. Companies contributing to the purchase include Apple, Google, Facebook, Samsung, Microsoft, RIM, and Amazon. The patents concern digital imaging technology.