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Economy

Kodak Said To Be Close To Deal To Guarantee Some Film Sales To Hollywood

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A coalition of Hollywood studios reportedly is close to a deal to keep Eastman Kodak in the business of producing movie film.

That’s according to an article in the Wall Street Journal, which says the negotiations are expected to result in an arrangement where studios promise to buy a set quantity of film for the next several years.  This would be happening even though most movies and TV shows now are shot on digital video.

Kodak’s new CEO, Jeff Clarke, tells the Journal that the pact will allow his company to avoid having to close its Rochester film manufacturing plant, a move which the newspaper says had been under serious consideration.

According to the Wall St. Journal, Clarke originally had hoped a group of studios, producers and filmmakers would invest directly in Kodak’s film manufacturing operation as a joint venture, but that proposal did not pan out. But the story says that several prominent filmmakers including Quentin Tarantino lobbied the heads of studios to find a solution.

That solution apparently has the studios committing to buy a certain amount of Kodak film. Clarke tells the Journal that he expects Kodak to lose money on film manufacturing this year, but hopes that by 2016 film will be profitable again not only with sales to Hollywood, but also with plans to market a version of its film for use in touchscreens for devices like smartphones and tablets.