Getty Images to File for Bankruptcy, Go Private In Restructuring Deal

Key Points:

• Getty Images plans to file for Chapter 11 bankruptcy and go private in partnership with Charles Koch’s investment firm after abandoning a $3.7 billion merger with Shutterstock due to regulatory challenges.
• The company will undergo a prepackaged Chapter 11 restructuring process and aims to emerge by the end of the year, with no expected impact on operations, employees, partners, or vendors.
• Getty is shifting focus away from its declining iStock eCommerce business, impacted by AI disruption, and is emphasizing growth in its core editorial image unit, which it projects will grow from $369 million to $400 million by 2029.
• Affiliates of Koch Equity Development have committed up to $533 million in new equity to support Getty’s transition from a public to a private company, providing financial stability and flexibility for future investments.
• Getty’s leadership highlights the company’s strong foundation, customer commitment, and unique archive as key factors driving confidence in its future growth under the new ownership structure.