GoKawiil
Tech News
Getty Images announced it will begin Chapter 11 bankruptcy proceedings in the coming weeks as part of a restructuring that takes the company private. Under the plan, ownership and control will shift entirely to the Getty family and Koch Equity Development. The move follows years of financial pressure, a collapsed merger attempt, and rising competition from AI image-generation tools.
Getty Images plans a prepackaged Chapter 11 bankruptcy as part of a deal to take the company private, backed by $533 million from Getty family affiliates and Charles Koch's investment firm Koch Equity Development. The move aims to reduce debt that exceeded $1.3 billion as of June 30th, and comes months after Getty abandoned a $3.7 billion merger with Shutterstock due to UK regulatory restrictions. The restructuring is expected to close by year-end and is said to not affect contributors, partners, customers or employees.