WSJ: Kodak looking to sell Times Square billboard lease

Rapper Pitbull on the Kodak Times Square Billboard

Rapper Pitbull on the Kodak Times Square Billboard

Now that it will be exiting the consumer camera business, Eastman Kodak Co. no longer needs its giant, 40-foot Times Square billboard, according to the Wall Street Journal. “As WSJ’s Jacqueline Palank reports, the company is seeking court approval to sell the billboard lease to the highest bidder.One interested party has already stepped forward with an offer of $3.7 million to take over the lease on the enormous video screen, which is owned by a unit of Clear Channel Outdoor Holdings Inc.”

In other Kodak Chapter 11 news, the Rochester, N.Y., company is seeking court approval to spend $13.5 million on retention bonuses fro 119 key middle managers and executives. ““Absent employee continuity, (Kodak’s) business operations would be compromised, jeopardizing their restructuring efforts and significantly reducing the likelihood that the debtors will emerge successfully from Chapter 11,” Kodak argued in court paperwork this week, according to the Rochester Democrat and Chronicle

Comments

  1. That’s a great space…