Kodak CEO Jeff Clarke confirmed today that his company will continue production of film stock. The announcement comes after such prominent directors as Quentin Tarantino, Christopher Nolan, Judd Apatow, and J.J. Abrams campaigned heavily to get the major studios to continue using film stock.
According to The Wall Street Journal, an agreement is being finalized which guarantees that the Hollywood studios (currently Disney, Warner Brothers, Paramount, Universal, The Weinstein Company) will purchase from Kodak a certain amount of film stock over the next few years. This will allow Kodak to continue operating its plant in Rochester, N.Y.
Bob Weinstein, co-chairman of Weinstein Co., commented: "It's a financial commitment, no doubt about it. But I don't think we could look into some of our filmmakers in the eyes if we didn't do it."
Warner Brothers CEO Kevin Tsujihara added: "In an industry where we very rarely have unanimity, everyone has rallied around keeping film as an option for the foreseeable future".
Kodak CEO Jeff Clarke also commented: "The unprecedented decline in the use of film in the entertainment industry created an enormous amount of uncertainty. We had to build a coalition among all the parties in order to reach a solution."
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