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[BUSINESS] · United States · 29 sources

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Getty Images to file for Chapter 11 bankruptcy and go private

Getty Images has announced plans to file for Chapter 11 bankruptcy protection in the United States as part of a prepackaged restructuring agreement. The move aims to reduce the company’s debt burden and return it to private ownership, with the process expected to conclude by the end of 2026.

The restructuring is supported by affiliates of the Getty family and Koch Equity Development, who have committed up to $533 million in new equity. Additionally, Koch Equity Development will provide up to $143 million in financing to support operations during the transition. Under the agreement, unsecured bondholders have agreed to retire $270 million in notes, while secured lenders have agreed to reduce interest costs and extend debt maturities.

The decision follows the collapse of a proposed $3.7 billion merger with competitor Shutterstock, which was abandoned after UK regulators demanded the sale of Shutterstock’s editorial division. The company has also faced significant financial pressure from the rise of AI-generated imagery, which has impacted demand for traditional stock photography. Despite the filing, Getty Images stated that its operations, employees, and content partners will not be affected, and business will continue as usual.

Entities

Competition and Markets Authority · Getty Images · Getty family · Koch Equity Development · New York Stock Exchange · Shutterstock

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Sources

Getty Images Bankrupt! [www.lightstalking.com]