Report: Apple and Google Align to Bid on Kodak Patents

ROCHESTER, NY—Apple Inc. and Google Inc. have offered more than $500 million to buy Eastman Kodak's patents out of bankruptcy, Bloomberg News reported. The entities partnered after leading two separate groups in the quest to purchase a number of Kodak's 1,100 imaging patents, Bloomberg said, quoting people familiar with the situation.

The move is aimed at reducing the cost of purchasing the patents. Kodak has commitments for $830 million in Chapter 11-exit financing, contingent on the sale of its patents for no less than $500 million. Kodak entered bankruptcy protection last January.

Kodak is selling its patents in the hope of turning around its business while focusing on commercial printing, packaging and enterprise services.