Kodak to sell online photo share unit: report

By : |November 18, 2011 0

CALIFORNIA, USA: Eastman Kodak Co is trying to sell its online photo-sharing unit, the Wall Street Journal reported on Thursday, and shares of the struggling photography company rose almost 8 per cent.

The Journal, citing sources, said the company had approached photo-sharing websites, rivals, private equity firms and retailers about buying the online business.

Also Read:Kodak looks to patent sale to survive

A person who has been approached by Kodak said the company was looking for ‘hundreds of millions of dollars’ for the service, where people can upload, share and print photos, according to the newspaper.

Kodak spokesman Gerard Meuchner told Reuters in an email that the company does not comment on rumor or speculation.

On November 7, Kodak sold its Image Sensor unit to private equity firm Platinum Equity for an undisclosed sum.

Earlier in November, Kodak said it was exploring raising $500 million in additional financing.

Shares were trading up 7.9 per cent at $1.37 per share in afternoon dealings on the New York Stock Exchange.

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