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
In the current editorial photography market, budgets are shrinking as contract terms become less favorable for photographers. As a follow-up to our story “What Lawyers See When They Look at Editorial Photography Contracts,” we surveyed photographers who shoot editorial assignments about the financial challenges of the editorial photography market. A total of 142 photographers responded.... More ›
For photographers and models just starting out in the business, building a portfolio by soliciting help online can quickly get… creepy. Craigslist aside, services like Model Mayhem or even direct messaging on Instagram can help forge connections but a new site called FStop is looking to streamline the process still further with a Tinder-style approach.... More ›
When we published our story “What Lawyers See When They Look at Editorial Photography Contracts” in the June issue of PDN, we asked readers to tell us about editorial contracts they feel are unfair to photographers. We received a copy of a “Vice Media Photographer Agreement” that a Vice website sent to a photographer earlier... More ›