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
Petitioners claiming to be the legal heirs of photographer Vivian Maier are once again back in court, this time with 300 pages of genealogical evidence to support their claim, according to attorney (and former photographer) David Deal. “There’s no doubt” they are blood relations to Maier, asserts Deal, who did most of the research and... More ›
Clients are so budget-conscious that every dollar you save on expenses counts. And airline fees can add up quickly. In our story “Pro Photographers’ Favorite Travel Hacks,” several photographers shared their strategies for avoiding excess baggage fees. “Use curbside check-in to help with overweight [equipment cases],” Christopher Testani recommends. “If you use curbside check-in and... More ›
Nautical photographer Alison Langley, who is the subject of this month’s “What’s Your Niche?” column in PDN, specializes in photographing classic wooden yachts: under sail, under construction and in repair in boatyards along the Maine coast. “It’s architecture with curves. It’s visually incredible,” Langley says of the boats she photographs. Among her clients are some... More ›