UPDATED: Apple, Google bid on Kodak Patents

In a rare show of friendship, Apple and Google, two large rivals in the consumer electronics market, have joined together to make a $500 million bid for some of Eastman Kodak's 1,100 imaging patents. Previously, both of the companies led separate groups to purchase Kodak's patents, at a lower price, with Apple's entourage being Microsoft and Intellectual Ventures Management LLC, and Google leading their army of Android manufacturers and RPX Corp. With this move, the individual companies have to pay less for the patents, while Kodak gets a better price as to resolve their Chapter 11 bankruptcy in less time. While these partnerships may be considered as rare and unlikely, they often happen when purchasing patents, as all parties involved can avoid further legal actions due to patent infringement. This all proves very true, as Apple has been involved in legal battles across the spectrum, resulting in losses for all parties involved, ranging from monetary reimbursements to invalidated patents, as Apple has seen. All in all, patent partnerships are win-win situations for all parties involved.

UPDATE(19 December 2012, 11:19 PM EST): Apple, Google, RIM, Facebook, Amazon, Microsoft, Samsung, Adobe, Fujifilm, Huawei, HTC, and Shutterfly have agreed to purchase some patents from Kodak for $525 million. Kodak still retains about 9,600 patents.