Getty Going Private as the Beleaguered Stock Photo Brand Files for Bankruptcy
The company secured $533 million in financing from the Getty family and Koch Equity Development to support a restructuring and private takeover.
- Getty Images plans to file for Chapter 11 bankruptcy and go private, securing $533 million in financing from The Getty Family and Koch Equity Development. The company expects to complete restructuring by year-end.
- This restructuring follows the abandonment of a $3.7 billion merger with Shutterstock in late June, which collapsed after the Competition and Markets Authority required the sale of Shutterstock's editorial unit. Getty viewed that condition as a non-starter.
- Getty's eCommerce business has seen "declining agency demand and disruption" from automated tools, while its stock price had fallen to under $0.02 per share. The company was subsequently delisted from the New York Stock Exchange.
- Despite these challenges, Getty projects growth in its core editorial image unit, with revenue increasing from $369 million to $400 million by 2029. The company remains a "critical source of authentic imagery" for customers.
- Once restructuring concludes, Affiliates of The Getty Family and Koch Equity Development will own 100% of the reorganized company. Getty assures there will be no impact on operations, employees, partners, or vendors during this overhaul.
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Getty Images has filed for bankruptcy protection and will become a privately held company with the help of the Koch family's investment firm under a pre-negotiated restructuring agreement, the WSJ reported.
Getty Images is entering with a request for judicial recovery and will close its capital by means of a financial restructuring agreement with the Koch family company. Exclusive material for subscribers. To have full access, access the link of the subject and register.
Getty Going Private as the Beleaguered Stock Photo Brand Files for Bankruptcy
Getty has announced that it has secured the necessary financing to take the company private. This comes after the New York Stock Exchange (NYSE) suspended trading in its shares and started the process of delisting the company on September 29.
Getty Images to go private after restructuring deal
Oct 12 (Reuters) - Getty Images said on Monday it agreed with key stakeholders on a balance-sheet restructuring that includes new equity funding and debt reduction, and will become a privately held company after the deal closes. (Repo...
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