Getty Images to Seek Chapter 11 and Go Private with Koch-backed Funding

Getty Images abandoned a proposed $3.7 billion merger with rival Shutterstock after the UK Competition and Markets Authority demanded the sale of Shutterstock’s editorial unit, prompting the board to look for alternative financing. The company now intends to file a pre-packaged Chapter 11 case and complete a go-private transaction before the end of the year, assuring that daily operations, employees, partners and vendors will not be disrupted.

An investor presentation highlighted falling iStock demand, attributed to AI-driven stock-image tools, while forecasting its editorial division to rise from $369 million to $400 million by 2029. CFO Jennifer Leyden noted a drop in annual subscribers and a strategic shift away from low-value acquisition channels. Koch Equity Development’s affiliates have committed up to $533 million in equity, with senior managing director Mike Harris emphasizing the deal’s financial stability and flexibility for future growth. Co-founder and chairman Mark Getty called the transaction transformational for the business.