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Hollywood hoping to save Kodak
Hollywood is banding together to keep Eastman Kodak in the business of producing movie film.
According to an article in the Wall Street Journal, negotiations are underway with several studios to buy a certain amount of film for the next several years.
If an agreement is reached, the studios will buy the film whether they use it or not.
Most movies and television shows these days are shot on digital video.
According to the report, this pact will prevent Kodak from closing its film manufacturing plant in Rochester.
It employs about 300 people.
The WSJ reports Kodak's motion-picture film sales have plummeted 96% since 2006, from 12.4 billion linear feet to an estimated 449 million this year.
Kodak is the only major company left producing motion-picture film.
Among the big name directors who lobbied the heads of studios to help find a solution were Quentin Tarantino, Christopher Nolan, Judd Apatow, and J.J. Abrams.
Read the entire article by clicking here.