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Kodak buys PictureVision
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February 12, 1998: 6:50 a.m. ET
Closely held digital photography shop has more customers with fewer outlets
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NEW YORK (CNNfn) - With hopes to re-energize its digital photography market, Eastman Kodak Co. reportedly agreed to purchase a majority stake in its biggest competitor.
Kodak reached an agreement to acquire a 51-percent stake in closely held PictureVision Inc. of Herndon, Va., for an undisclosed amount.
With less than $10 million in revenue, PictureVision won't provide Kodak with a boost in sales or market share. However, the acquisition underscores Kodak's commitment to expanding its Internet-based business.
Both companies offered services that allowed consumers to store and send pictures via the global computer network. But, PictureVision offers a quicker service and has captured more subscribers with a smaller base of retail outlets.
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