Facebook has teamed up with competitors Apple, Google, Samsung and others to purchase the rights to Kodak’s patent portfolio. All together 12 companies have agreed to purchase the patents for $525 million.
The sale was organized by patent-holding company Intellectual Venturers and was advised by RPX Corporation.
Once approved by the bankruptcy court overseeing the Kodak filing the patents will be handed over to the social network and the following companies:
Research In Motion Limited
Samsung Electronics Co., Ltd.
Adobe Systems Incorporated
Huawei Technologies Co., Ltd.
Amazon Fulfillment Services, Inc.
It might seem odd that Facebook would jump into the Kodak patent ring, however the company has placed a large emphasis of late on social photo sharing. Facebook first purchased Instagram for $1 billion and then it announced its own set of photo filters and other additions to its photo arsenal.
By purchasing into an extensive Kodak patent portfolio Facebook can stave off future intellectual property rights lawsuits from its competition, mainly Google and Apple.