May 6, 2012

Lights Out for Kodak? Times Square billboard may change hands

It could be lights out for the Times Square Kodak digital billboard. Kodak aims to sell the lease on its 40 foot digital billboard if the imaging company wins bankruptcy court approval. Eastman Kodak Co. filed court papers Wednesday requesting both permission to sell while limiting the lease to adverts for certain Kodak products.

The current lease is held by Clear Channel Outdoor Holdings Inc.’s CCO +1.64% Clear Channel Spectacolor unit. Kodak decided to sell instead of break their lease when several interested buyers surfaced; a sale to the highest bidder would be more beneficial to the company. Orange Barrel Media started the bidding at $3.7 million.

A decision by the U.S. Bankruptcy Court in Manhattan on April 16th will determine Kodak’s request to sell the lease. Another hearing 2 days later will determine the requested advert restrictions for the site located above the Marriott Marquis Hotel on Broadway in Midtown Manhattan.

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