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
Women Photograph, the online database of women photographers around the world created by photographer Daniella Zalcman, is posting weekly Twitter threads to keep the gender disparity in photojournalism top of mind. The “Week in Pictures Gender Breakdown,” as the threads are titled, tally how many of the images used in the “week in pictures” features... More ›
A person falsely identifying himself as a fashion blogger for High Snobiety, the style and culture website, has been soliciting freelance photographers to rip them off in an apparent check-cashing scam. Going by the name of Alan Hurt, the individual has emailed a number of photographers offering them assignments that pay $2,000, including a $500... More ›
Food photographer Oriana Koren explains how she gave herself just six weeks after she moved to Los Angeles to assemble a complete portfolio, from planning test shoots and productions to keeping herself on schedule to meet a self-promotion deadline. “I did whatever I could to make [the process] as close to what it feels like... More ›