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
The gender disparity in photography has received another round of scrutiny in recent days, once again bringing to the surface what many know to be true but only occasionally talk about publicly: There are plenty of women photographers, yet male photographers dominate the industry. On March 4, The New York Times published a story by... More ›
Terms of service. Unless you’re a masochist or a lawyer (but I repeat myself), you’ve probably never read them. Most of us impatiently click “accept” on our way to signing up for whatever it is we want to divulge our personal information to want to use. In the case of photo-oriented services like Instagram, accepting... More ›
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 ›