Google's response has been added to this story.
NEW YORK ( TheStreet) - It seems that when they're not at each other's throats they're teaming-up to save each other money. We're talking about Apple (AAPL - Get Report) and Google (GOOG) who reportedly are joining forces to bid for Kodak's portfolio of digital photography patents.
It's all part of a deal announced this morning, to help Kodak exit from bankruptcy.
Citing people familiar with the matter, Bloomberg reports that the two rival electronics giants have decided to partner and buy 1,100 imaging patents owned by Kodak. The joint venture's goal is not to save money buying the patents but to avoid future infringement litigation against each other.The idea of two rivals teaming-up is not new. A group including Apple, Microsoft (MSFT - Get Report) and Research in Motion (RIMM) all bought Nortel Networks' 6,000+ patents out of bankruptcy in 2011. Google had also made a separate, lower bid for those same patents. Kodak says it has obtained an exit financing commitment contingent upon the sale of its digital patents. The 132 year-old photography giant hopes to get out of bankruptcy in the first six months of next year. Apple has not yet responded to TheStreet's request for comment on this story. Google declined to comment. --Written by Gary Krakow in New York. >To submit a news tip, send an email to: firstname.lastname@example.org.
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