Getty Images to go private after up to $533 million commitment
Getty Images, the go-to company for stock photos and videos, is making some big changes.
They are set to become privately owned, thanks to up to $533 million in fresh equity committed by affiliates of the Getty family and Koch Equity Development.
Part of the plan also involves holders of $270 million in unsecured bonds having agreed to retire their notes to help steady the ship.
Getty Images prepackaged Chapter 11 expected
Secured lenders are on board too. They have agreed to reduce interest costs and give more time for repayments.
All these moves will happen through a prepackaged Chapter 11 process, expected to wrap up by late 2026.
When it is done, affiliates of the Getty family and Koch Equity Development will own 100% of Getty Images, following Getty Images's abandonment of a planned merger with Shutterstock due to UK regulations.
The goal is to reduce debt, lower borrowing expenses, and give Getty Images more time to repay its debt.