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 NewsGuild of New York, the union representing The New York Times staffers, told members in a newsletter this morning that it will fight The Times’ proposed 20 percent reduction in photo desk staff via buyout. “As the Times makes changes to become a more ‘visually oriented’ news source, it is simply illogical to buy... More ›
By Rob Goodman When Tara Donne left her career as a magazine photo editor for a life as a professional photographer, she had stockpiled a good amount of knowledge just from working in the industry. But nothing truly prepares you for the leap into freelancing. You need a little faith and a clear game plan... More ›
In a lecture last weekend at the Blue Earth Alliance Collaborations for Cause conference in Seattle, nature and culture photographer Art Wolfe spoke about the strategies that have helped him publish more than 100 books in a career spanning five decades. Wolfe has traveled the world photographing endangered indigenous cultures, animals and natural landscapes, and... More ›