Getty Images is going private after failed Shutterstock merger
Jess Weatherbed is a news writer focused on creative industries, computing, and internet culture. Jess started her career at TechRadar, covering news and hardware reviews.
Getty Images intends to file for bankruptcy and go private as part of a restructuring agreement after its plans to merge with rival stock platform Shutterstock fell through earlier this year. On Monday, Getty announced it had secured $533 million from the Getty family and Charles Koch’s investment firm to cut its debt and take the company private, outlining plans to undergo a prepackaged Chapter 11 process “in the coming weeks.”
The restructuring effort is expected to be wrapped up by the end of this year, with no anticipated impact on content contributors, partners, customers, or employees globally. Once completed, the company will be entirely owned by Getty family affiliates and Koch Equity Development. The agreement serves to rescue the financially struggling platform, which had...
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