Getty Images, the largest stock photo archive, has been sold to private equity firm the Carlyle Group for $3.3 billion, according to Bloomberg, Reuters, and other sources. The sale comes three months after Hellman & Friedman, the private equity firm that has owned Getty Images since 2008, began preparations to sell the stock agency.
According to a statement released today by the Carlyle Group, Getty co-founders Jonathan Klein and Mark Getty will invest “significant equity” in the company.
Hellman & Friedman was reported to have paid $2.4 billion to buy Getty in 2008. According to news reports back in May, the firm was hoping to get as much as $4 billion for the agency. (Full disclosure: Hellman & Friedman also owns Nielsen, parent company of PDN.)
In the past year, Getty Images has taken several cost-cutting measures. These included introducing new terms to its contracts with photographer/contributors, cutting back royalties it pays to photographers, and telling contributors that rights-managed images that had not sold well would be moved to royalty-free collections, while the royalty-free images would be sold as part of subscription packages. Through a statement, Getty Images told PDN that changes to its contributor contracts were needed “so that more content can be used in more ways that help our business meet current and future customer needs and grow sales.”
Getty IPO On Hold as $4 Billion Private Equity Sale Looms
Photographer Jill Greenberg has launched an online directory in an effort to promote women photographers for advertising jobs, film and television key art, and magazine covers. Called Alreadymade, the platform serves as a resource for clients looking to hire experienced women photographers. To be included on the site, photographers have to have shot at least... More ›
South African photographer Sam Nzima, whose iconic photograph (right) from a Soweto uprising in 1976 helped turn world opinion against apartheid, died Saturday in Mpumalanga province, South Africa, according to press reports. He was 83. Nzima’s famous photograph showed a distraught 18-year-old named Mbuyisa Makhubo carrying the dead body of 13-year-old Hector Pieterson, a student... More ›
Photographer Duane Michals has had a long, successful career as both a fine artist and commercial shooter. When we asked him for a 2016 PDN story about how successful photographers overcome their self-doubt, he shared this empathetic advice for building confidence in yourself, and your work. “Self-doubt? I don’t understand it myself. Creativity always has... More ›