Entertainment is a small part of the overall company as it sheds the Chapter 11 protection for which it filed in January 2012: Kodak CEO Antonio Perez characterizes the photography pioneer as “a technology company serving imaging for business markets” including product goods packaging and electronic touchscreens. Still, Kodak has the lion’s share of the film market as the number of movie and TV show creators who prefer to work with film instead of digital images diminishes and rivals including Fujifilm abandon the movie film business. In June, Kodak struck an agreement to provide motion picture film to Fox’s movie and TV studios. That gave it contracts with six major studios including Disney, Warner Bros, NBCUniversal, Paramount Pictures, and Sony Pictures. Kodak Entertainment and Commercial Films President Andrew Evenski calls his operation “a stable and profitable division of the company,” adding that he remains confident in “our ongoing ability to provide value to the motion picture and television industries”. Kodak emerges from bankruptcy with more than $800M in cash, $500M in equity, and $695M in debt. That should make it “a formidable competitor” with “a strong capital structure, a healthy balance sheet, and the industry’s best technology,” Evenski says. Kodak turned its Personalized Imaging and Document Imaging business over to the pension plan that covers its UK subsidiary.
Subscribe to Deadline Breaking News Alerts and keep your inbox happy.