Kodak will sell off parts of its online photo service business, Kodak Gallery, to Shutterfly for $23.8 million, according to reports.
The sale comes at a time of change for Kodak, a company that has already cut its photo frame, digital camera and camcorder businesses to focus on photo printing. On Jan. 19, Kodak filed for Chapter 11 bankruptcy protection.
Per the agreement, Kodak will ask the U.S. Bankruptcy Court to approve the sale of its assets to Shutterfly by the end of March, said several reports.
Under the agreement, all of the images and customer accounts on Kodak Gallery will be transferred to Shutterfly. The gallery currently has about 75 million users. Costumers who don’t want to be transferred will be able opt out.