A French court has decided to put Sipa Press under bankruptcy protection while the photo agency searches for a new owner, according to a report today in Le Journal de la Photographie.
Sipa Press, which was founded in 1973 and has been the French distributor for AP, Rex Features and other international agencies, faced the possibility of a court order to liquidate its assets after it declared bankruptcy in late November. The legendary photo agency was forced to file bankruptcy after its parent company–DAPD, a German media company–ran out of money and declared bankruptcy on October 2 in Berlin.
Two other French-based subsidiaries of DAPD that declared bankruptcy with Sipa Press have been forced to liquidate, Le Journal de la Photographie reports. More details are available on their web site.
California-based Brooks Institute and Massachusetts-based Hallmark Institute of Photography have cancelled classes for the fall and announced plans to close down. The two schools, both private for-profit visual arts colleges, have struggled over the past decade with declining enrollments, financial stress, and management shake-ups. Administrators are also blaming new regulations regarding for-profit schools. “[R]ecent changes... More ›
When we were researching our story “What Lawyers See When They Look at Editorial Photography Contracts,” which appeared in the June issue of PDN, we asked photographers to tell us about editorial contracts they feel are unfair to photographers. We received a copy of a Condé Nast contract sent to a photographer in 2013 as... More ›
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 ›