Getty Images To File For Bankruptcy; To Go Private
Of all the stock photo sites out there, Getty Images is probably the most well-known, and part of this is due to what it charges. So it’s a bit ironic to see Reuters reporting that the company said it would file for bankruptcy “amid heavy debt”. It won’t be completely shutting down though. After it […] The post Getty Images To File For Bankruptcy; To Go Private appeared first on Lowyat.NET .
Getty Images, the well-known stock photo site, is reportedly planning to file for bankruptcy due to heavy debt, according to Reuters. The company will not cease operations completely; instead, it will undergo a restructuring and become private. The bankruptcy filing follows the collapse of a planned merger with Shutterstock rival, which contributed to the financial troubles.
Getty Images also faces growing competition from AI-generated imagery. As of June 30, the company had a total debt of approximately US$2.1 billion (RM8.6 billion), while its market valuation was much lower at US$20.74 million (RM84.9 million). Previously, Getty Images was a publicly traded company until 2008 when it became private.
In 2022, it returned to public markets via a special purpose acquisition company, but its value has plummeted by nearly 99% since then. The New York Stock Exchange has initiated delisting proceedings against Getty Images. Upon completion of the restructuring, the company will be wholly owned by affiliates of the Getty family and Koch Equity Development. Investors have committed to providing up to US$533 million (RM2.18 billion) in new equity.
Written by urgent.news from Lowyat.NET's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
