From The Hollywood Reporter · Erik Hayden · · 1m 10s
Getty Images Files Bankruptcy, Goes Private
Getty Images plans Chapter 11 bankruptcy and private ownership after abandoning a $3.7 billion merger with Shutterstock.
In brief
Getty Images plans Chapter 11 bankruptcy and private ownership after abandoning a $3.7 billion merger with Shutterstock. Getty Images will file for Chapter 11 bankruptcy and go private with $533 million in equity from Koch Equity Development. Originally reported by The Hollywood Reporter.
Getty Images Abandons Merger
Getty Images abandoned a $3.7 billion merger with Shutterstock after the UK's Competition and Markets Authority blocked the deal.
Chapter 11 Bankruptcy Plan
Getty Images plans to file for Chapter 11 bankruptcy and go private with Charles Koch's investment firm by year-end.
No Operational Impact
The company says operations, employees, partners, and vendors will face no impact from the restructuring.
iStock Business Decline
Getty's iStock eCommerce business faces declining agency demand due to rapid AI adoption making stock image creation easy.
Core Editorial Growth
Getty forecasts its core editorial image unit will grow from $369 million to $400 million by 2029.
Koch Equity Investment
Koch Equity Development pledged up to $533 million in new equity to help Getty go private and strengthen its financial foundation.
The big picture
Getty Images will file for Chapter 11 bankruptcy and go private with $533 million in equity from Koch Equity Development.
