Six major Hollywood film studios have gotten together to help Kodak remain in the movie business.
Twentieth Century Fox, Paramount Pictures, Sony Pictures, Universal Pictures, Walt Disney Pictures and Warner Bros. have all signed deals on advance purchases of Kodak’s film stock, which will help keep the company’s production plants operational.
Kodak is the last company to make motion picture film, which some filmmakers prefer for aesthetic reasons.
“We were very close to the difficult decision of having to stop manufacturing film,” said Jeff Clarke, Kodak’s chief executive, according to the Wall Street Journal. “Now with the cooperation of major studios and filmmakers, we’ll be able to keep it going.”
Kodak has fallen on extraordinarily hard times during the past decade as more movie studios ditch traditional film formats for digital. From 2006 to 2014, Kodak’s motion-picture film sales nosedived by 96%.