Big screen specialist IMAX has acquired “thousands” of patents from veteran film company Eastman Kodak. Kodak gets $10 million in an upfront payment and ongoing royalties, and the commitment will help keep struggling Kodak afloat. The deal includes patents for improved laser-projection technology.
The agreement covers 10 years and helps Kodak in its goal to generate $250 million to $350 million from licensing its IP. Kodak put up a separate bundle of patents for sale in July, and is looking to generate around $3 billion from its sale.
IMAX CEO Rich Gelfond says the Kodak patents will allow its movies to be digitised and switch away from celluloid. The Kodak patents enable IMAX to display pictures using digital images on its screens larger than 80 feet (24 meters). The technology will kick in from the second half of 2013, says IMAX.