Kodak will license thousands of patents to Imax

Associated Press

NEW YORK

Eastman Kodak Co. said Sunday that it will license thousands of patents to Imax in a deal that will supply the troubled photography company with millions of dollars.

A person familiar with the agreement but not authorized to speak with the media said the initial deal is worth tens of millions of dollars.

Rochester, N.Y.-based Kodak has struggled in recent years as consumers shifted to digital cameras and away from traditional film.

Under the agreement, Imax Co. will have exclusive use of Kodak’s laser-projection technology. The Kodak patents will allow Imax to provide high-quality digital content for theater screens larger than 80 feet and domed theaters for the first time.