EQUIPThe Verge · 40m ago
Getty Images is going private after failed Shutterstock merger
Executive Brief
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Getty Images will file for bankruptcy and transition to a private entity following a collapsed merger with Shutterstock. The restructuring utilizes 533 million dollars in new funding to reduce corporate debt and stabilize operations.
- 01Company secured funding from the Getty family and Charles Koch investment firm
- 02Restructuring follows a failed merger attempt with primary rival Shutterstock
- 03Private transition aims to significantly reduce current corporate debt levels
- 04Bankruptcy filing serves as a strategic component of the broader restructuring agreement
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Getty Images intends to file for bankruptcy and go private as part of a restructuring agreement after its plans to merge with rival stock platform Shutterstock fell through earlier this year. On Monday, Getty announced it had secured $533 million from the Getty family and Charles Koch's investment firm to cut its debt and take […]