Kodak was hoping to fetch more than $2 billion for its patent assets to soften the blow of their ongoing bankruptcy proceedings. According to the Wall Street Journal, however, recent negotiations have valued the patents closer to $500 million.
After placing competing bids for Kodak's patents, a consortium of tech firms including Apple, Google, Samsung and licensing firm Intellectual Ventures Management teamed up in a effort to avoid inflating the value of the patents in a bidding war.
Kodak recently went on the offensive however, telling CNET that the patent sale is far from a done deal. A Kodak rep stated, "The company reiterates that it has not reached a determination or agreement to sell the digital imaging patent portfolio, and may retain all or parts of it as a source of creditor recoveries in lieu of a sale if it concludes that doing so is in the best interests of the estate."
Apple's partnership with Samsung comes at an odd time, as the two companies are also currently clashing in a bitter $2.5 billion court battle over patent royalties and trade-dress infringements.