Thursday, August 16, 2012

Getty Images Sold

Getty (and iStockphoto) is sold to new investors, but contributors should notice very little change from the transaction.  See below for the official writeup.

About the Sale of Getty Images:
Since they acquired us in 2008, Hellman & Friedman have been committed to our business. Their goal has always been to grow and strengthen Getty Images and then sell the company, when the time is right. We and Hellman & Friedman have identified a new owner to take the business into its next phase. We’ve now formed a new partnership between The Carlyle Group, the Getty family and Getty Images management to acquire Getty Images from H & F. We believe this new partnership is in the best interest of our Company as a whole, our employees and our contributors and image partners.

This new ownership is a positive move in the continued growth and success of Getty Images. Carlyle has an investment philosophy that is very similar to Hellman & Friedman, and we are confident that our partnership with them will be solid, supportive and beneficial to our Company’s long term success.
What does this mean for iStockphoto and Getty Images Contributors?
Day-to-day, this transaction won’t change anything for contributors.

We are continually transforming our technology and websites to deliver better customer experiences; evolving our sales and marketing strategy to find new markets and new uses for your content and helping you develop new revenue streams and new ways to submit and distribute your content. Our change of ownership will not impact these efforts in any way, and of course, our business continues to honor our agreements with you.

Getty Images continues to be led by a Co-Founder and CEO who has been with the company since day one, and his team has on average been with the company more than 10 years. Change in ownership will have no impact on our strategy or management.

You should also take comfort in the fact that we are not simply going from one of the premier private equity owners in the world to another. The Getty Family and Getty Images management have increased their ownership in the business, as well, in a new partnership with Carlyle that demonstrates their long term commitment to growth and success.

Getty Images continues to be a market leader for your content. We are adept at innovating, navigating and creating new technologies, products and services that grow the business over the long term. This dynamic creates an exciting environment for contributors and image partners who understand that change, growth and innovation, drive opportunities.