Monday, October 17, 2011
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.