Eastman Kodak, the photography icon that invented the hand-held camera, filed for bankruptcy protection and planned to shrink significantly after a prolonged plunge for one of America’s best-known companies. The Chapter 11 filing may give Kodak the ability to find buyers for some of its 1,100 digital patents, a major portion of its value. According to papers filed with the U.S. bankruptcy court in Manhattan, Kodak had about $5.1 billion of assets and $6.75 billion of liabilities at the end of September. Kodak now employs 17,000 people, down from 63,900 just nine years ago.
Kodak’s long decline can be traced back to one source: the former king of photography’s failure to reinvent itself in the digital age, writes Ernest Scheyder. Kodak’s film dominated the industry but the company failed to adopt modern technologies quickly enough, such as the digital camera — ironically, a product it invented. ”Kodak was very Rochester-centric and never really developed a presence in centers of the world that were developing new technologies,” said Rosabeth Kanter, a professor at Harvard Business School. “It’s like they’re living in a museum.”
The English homepage of Wikipedia went dark and Google’s search page ran the logo “Tell Congress: Please don’t censor the web!” in protest of legislation designed to stop copyright piracy but the free online encyclopedia says “could fatally damage the free and open Internet.” Big tech names including Facebook and Twitter declined to participate in protests of the House of Representatives’ Stop Online Piracy Act and the Senate’s PROTECT Intellectual Property Act, despite their opposition to the legislation, unwilling to sacrifice a day’s worth of revenue and risk the ire of users.
European regulators will decide around the end of March whether to file a formal complaint against Google for misuse of its market position, EU Competition Commissioner Joaquin Almunia told Reuters. Until this point officials had been playing down expectations of an early conclusion to the informal investigation stage, although there still could be a long way to go. Antitrust investigations typically take several years.