Reuters reports that Getty Images, the largest stock photo agency, has retained Goldman Sachs and JPMorgan Chase to evaluate the possibility of a sale or an initial public offering (IPO). According to a source cited by the Financial Times, a sale or IPO could value the company at $4 billion.
Since 2008, the stock agency has been owned by private equity firm Hellman & Friedman. (Full disclosure: Hellman & Friedman also owns Nielsen, parent company of PDN.) Hellman was reported to have paid $2.4 billion, or $34.00 per share, for the agency which had previously been a publicly traded company.
Since Getty Images went private, the company has not disclosed any financial data to the public. The agency has made cost-cutting measures in the past year that have affected photographers who contribute to the agency. For example, last year Getty introduced tough new contracts, cutting back royalties it pays to photographers, telling contributors that rights-managed images that have not sold well will be moved to royalty-free collections while the royalty-free images would be sold as part of subscription packages.
ASMP to Getty Photographers: Time to Bail
Robyn Cohn, a New York-based CPA who has provided bookkeeping and tax services to photographers for more than a decade, offers advice that PDN readers can act on right now to minimize taxes on their 2016 income—and manage their finances better in the future. PDN: What would you advise photographers to do before the end... More ›
In 2013, Robert Herman self-published The New Yorkers, a book of mostly 1970s and ‘80s street photos that is now on its third printing. In a seminar at PhotoPlus Expo last week, Herman described the steps he took to turn his archive of thousands of images into a successful photo book, from designing and printing... More ›
Commercial and portrait photographer John Keatley believes that the more time you spend planning and pre-visualizing every aspect of a shoot, the more time you have to interact with your subjects on set, and the more value you have in the eyes of your clients. During his PhotoPlus Expo seminar, “Managing Clients and Workflow on... More ›