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Digital Transformation

Getty family to wrest back control of their eponymous photo agency

By John Glenday | Reporter

Getty Images

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getty images article

September 5, 2018 | 3 min read

The Getty family have revealed their intent to purchase a majority stake in Getty Images from The Carlyle Group, bringing a decade-long spell under private equity control to a close.

Including a significant debt pile, the deal reportedly values Getty at less than $3bn, below the $3.3bn valuation made by Carlyle when it bought its own majority stake of just over 50% from another private equity firm, Hellman & Friedman, six years ago.

Getty Images

Getty Family wrest back control of their eponymous photo agency

Under the terms of the deal, the Getty family will purchase Carlyle’s equity stake for $250m in cash while rolling over around $2.35bn worth of debt, with the private equity firm retaining an ‘ongoing financial interest in the company’s future growth’.

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Getty Images was founded in 1995 by Mark Getty and Jonathan Klein, coinciding with a period of immense ruptures throughout the media landscape as publishers increasingly migrate from print to online – with a corresponding decline in image prices.

Under its new old management, Mark Getty will become chairman with Klein stepping forward as deputy chairman. Elsewhere Getty Images CEO Dawn Airey will become a non-executive director and COO Craig Peters will ascend to the role of CEO.

In order to move with the times, the image platform has recently struck a deal with AI platform Cortex to automate the process of sourcing visuals for social media campaigns.

Digital Transformation

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Getty Images, Inc. is an American stock photo agency, with headquarters in Seattle, Washington, United States.

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