Kodak selling online photo business to Shutterfly
Photography trailblazer Eastman Kodak, which filed for bankruptcy in January, said Thursday it has agreed to sell its online photo services business, Kodak Gallery, to Shutterfly for $23.8 million.
Eastman Kodak said Kodak Gallery accounts and images in Canada and the United States would be transferred to Shutterfly, which allows users to store and share photos online.
Kodak Gallery users who do not want their pictures moved to Shutterfly can opt out and retrieve their images through free downloads or DVDs, it said.
Kodak Gallery has 75 million users, according to Eastman Kodak.
Kodak said it will seek US Bankruptcy Court approval of the sale by late March.
"This sale is consistent with our objective of focusing Kodak on a core set of businesses in which we can most profitably leverage our technology and brand strengths," said Pradeep Jotwani, Eastman Kodak's chief marketing officer.
Eastman Kodak announced last month it would stop producing cameras altogether and focus on its printing products.