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Getty Images files for Chapter 11 bankruptcy, plans to go private
Seattle-based Getty Images filed for Chapter 11 bankruptcy protection in Delaware on Oct. 21 under a prepackaged plan that would hand full ownership to Getty family affiliates and Koch Equity Development, which are committing up to $533 million in new equity.
Getty Images, one of the world's largest suppliers of stock and editorial photos, filed for Chapter 11 bankruptcy protection in Delaware on Wednesday, Oct. 21, as part of a restructuring that would take the company private. In its filing, the company listed estimated assets and liabilities each in the range of $1 billion to $10 billion, and Law360 reported that it entered bankruptcy with more than $1 billion of debt.
Under the prepackaged plan, affiliates of the Getty family and Koch Equity Development have committed up to $533 million in new equity and would own 100% of the company once the restructuring is complete. Koch Equity Development is also providing up to $143 million in financing during the bankruptcy process.
Business as usual, company says
Getty said it expects no impact on its operations, employees, partners or vendors, and no disruption for customers, photographers and contributors. The filing covers only certain U.S. entities, and the company expects to complete the restructuring by the end of the year after seeking court approval for the plan.
Failed Shutterstock merger, AI pressure
The filing follows the collapse of Getty's planned merger with rival Shutterstock, a deal valued at about $3.7 billion that the companies abandoned in late June after running into regulatory obstacles. The company has also faced mounting debt and growing competition from AI-generated imagery.
The plan would end Getty's run as a publicly traded company, which began in 2022 when it went public through a merger with a special purpose acquisition company that valued it at about $4.8 billion.
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