How Kodak is trying to turn things around
Kodak, once written off after its bankruptcy, is attempting a turnaround under CEO Jim Continza, driven by a resurgence in film demand from Hollywood and younger consumers. The company has significantly reduced its debt and restructured its leadership. Its stock has risen approximately 100% over the past year, signaling cautious optimism.
Summary
Kodak, a company that filed for bankruptcy over a decade ago, is now claiming to be in the midst of a turnaround under CEO Jim Continza, who describes himself as a turnaround specialist. The brand's resurgence is being fueled by two key forces: nostalgia for film among younger consumers and renewed demand from Hollywood. A pivotal moment came in 2019 when director Christopher Nolan personally called Continza to prevent the closure of Kodak's acetate factory, which produces a critical ingredient for film. Hollywood has since remained a core part of Kodak's business, with multiple Oscar-winning films this year — including 'One Battle After Another' and 'Sinners' — shot on Kodak film.
Despite the brand's cultural relevance, regaining Wall Street's confidence has proven difficult. The company's stock hit an all-time high of over $35 per share in 2014 but later crashed to an all-time low of $1.55 per share at the onset of the pandemic in March 2020. A temporary spike occurred due to a government deal, but the stock continued to struggle overall. However, over the past year, the stock has risen approximately 100%, suggesting a potential shift in momentum.
Continza has made substantial operational changes since taking charge in 2020. The company has restructured its focus around print, advanced materials, and chemicals. He has refinanced the company's debt three times, paying off more than $400 million, and has brought the debt level down from over $1 billion to a point where cash on hand roughly equals remaining debt. Additionally, 90% of Kodak's leadership has been replaced under his tenure. Looking ahead, Continza defines success as continuing to improve the company's finances and establishing a solid succession plan for leadership.
Key Insights
- Christopher Nolan personally called Kodak CEO Jim Continza in 2019 to prevent the closure of its acetate factory, highlighting how dependent Hollywood filmmakers are on Kodak's film supply chain.
- Kodak's stock hit an all-time low of $1.55 per share during the onset of the pandemic in March 2020, a dramatic collapse from its 2014 high of over $35 per share.
- Continza claims that when he took charge, Kodak had over $1 billion in debt, and he has since refinanced three times and paid off more than $400 million, bringing cash on hand roughly equal to remaining debt.
- 90% of Kodak's leadership has been replaced since Continza took charge in 2020, reflecting a near-complete organizational overhaul as part of the turnaround effort.
- Continza defines success not just in financial terms but also in establishing a succession plan for company leadership, suggesting his focus is on long-term institutional stability rather than short-term gains.
Topics
Transcript
[0:00] Kodak was written off by Wall Street after it filed for bankruptcy over a decade ago. Now the company says it's in the midst of a turnaround. I spoke with the film company CEO Jim Continza, a self-proclaimed turnaround specialist. Continent said the brand is seeing a resurgence fueled by both a nostalgia for film in Hollywood and by younger consumers. The CEO told me that Christopher Nolan himself called him back in 2019 to prevent the closure of its acetate factory, which produced the key ingredient used to make film. Since then, Hollywood has continued to be an [0:30] important part of the Kodak business. There were even multiple Oscar-winning movies this year, including One Battle After Another…
Full transcript available for MurmurCast members
Sign Up to AccessMore from CNBC
Who dominates hybrid car sales?
Hybrid vehicles are experiencing explosive growth in the US market, reaching a record 15.4% share in 2026. Toyota dominates the segment with over twice the sales of competitors, though Hyundai Motor Group has surpassed Honda to claim the number two position.
How SpaceX's AI ambitions took over Memphis
Elon Musk's XAI (now SpaceX AI) has rapidly built massive AI data centers in Memphis, Tennessee, including Colossus 1 completed in just 123 days. The expansion has sparked significant backlash from residents and environmental advocates over noise pollution, air quality concerns, and the operation of dozens of gas turbines without proper permits at a power plant in South Haven, Mississippi.
How High Diesel Prices Are Creating A Hidden Tax For Consumers
California's exceptionally high diesel prices, driven by limited refinery capacity, strict environmental regulations, and supply chain disruptions, create a hidden tax on consumers nationwide since 31% of U.S. container imports flow through San Pedro Bay ports and must be transported inland by diesel-powered trucks.
China's Swagger After India's iPhone 18 Leak
A Chinese repair specialist highlights cybersecurity vulnerabilities in India's electronics supply chain following an iPhone leak from Tata Electronics, which China's state media uses to argue for the superiority and necessity of manufacturing in China. Despite the leak, Apple continues diversifying production away from China, including manufacturing iPhone 17 Series in India, while counterfeit iPhone copies remain technologically impossible to replicate at scale.
Why Buying A Condo Just Got Harder
Beginning August 3rd, Fannie Mae and Freddie Mac are implementing stricter lending standards for condo mortgages, requiring comprehensive building reviews instead of streamlined processes. This change, motivated by the 2021 Surfside collapse, could make condo purchases more difficult and expensive for buyers, potentially worsening housing affordability.