After filing for bankruptcy, Kodak is announcing that it will be selling off parts of its online photo services business Kodak Gallery for $23.8 million. The buyer? Online photo sharing platform Shutterfly.
Basically, the terms of the agreement include the transfer of all Gallery customer accounts and images in the U.S. and Canada to Shutterfly. Kodak Gallery allowed users to upload photos and create public or private albums that can be shared, as well as printed. According to the company, Kodak Gallery currently has 75 million users. Kodak says that it will give customers who do not want their photos transferred to Shutterfly the opportunity to opt out of the transition process.
Keep in mind, this is still a proposed sale and is not a done deal. Under the agreement, Kodak will seek U.S. Bankruptcy Court approval of sale and auction procedures by late March. Earlier this year, Kodak announced that they are putting all of their digital cameras, camcorders, and picture frames out to pasture as well.
The company said that it will be focusing its consumer business on retail and destination photo solutions as well as home printing products.
Shutterfly acquired TinyPrints last year for over $300 million.
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