Kodak Inks New Film Supplier Agreement With Fox
The iconic company aims to emerge from bankruptcy by the end of September.
While film continues to face an uncertain future, Kodak announced on Monday that it has reached a new agreement with 20th Century Fox to supply motion picture film to its movie and television studios through 2015. However the details of the deal were not revealed.
The company also said in Monday’s announcement that it has now completed new contracts with all six major Hollywood studios in the last year. The company previously announced agreements with Disney, Warner Bros., Sony, Paramount and NBC Universal.
Film is of course used in many areas, from production to exhibition to archiving. But its position has received particular attention in exhibition, where more than 75 percent of the world’s cinema screens (and 85 percent in North America) are now digital, greatly reducing the demand for film prints.
At CinemaCon in April 2012, National Association of Theatre Owners president John Fithian predicted that the domestic distribution of movies on celluloid could cease before the end of 2013. In fact, during that address Fithian reported that Fox had already notified exhibitors of its intent to end film distribution in the U.S. within two years.
Earlier this year Fujifilm stopped production of the majority of its motion picture film products.
Kodak filed for chapter 11 bankruptcy protection in early 2012, but while it has divested itself of other businesses, the company maintains that film is part of its future plans. In Monday's announcement it restated that it “continues to manufacture billions of linear feet of film every year.”
In April, Kodak filed its chapter 11 plan of reorganization, and in a June 13 hearing, the Bankruptcy Court will be tasked with confirming the Kodak plan as having sufficient information for creditors to vote upon. Kodak’s aim is to emerge from chapter 11 no later than the end of September.
What Hollywood Earns
- Colin Farrell Gets Thrown Into the Mix For 'Doctor Strange' Role
- Lupita Nyong’o & Benedict Cumberbatch Get Together to Host Bally's Flagship Store Opening Party!
- Sarah Paulson Explains Why It's Difficult & Exhausting to Play Conjoined Twins on 'AHS'
- Rosie Huntington-Whiteley Shares One of the Most Important Makeup Skills She's Learned