Getty Images, a world leader in visual communications, is to receive an additional $100m equity investment.
The deal – part of the previously announced plan to refinance its balance sheet – saw the participation from the Getty family, through its family investment vehicles, and Koch Equity Development LLC or one of its affiliates.
The closing of the preferred and incremental common equity investments is subject to customary closing conditions and is expected to occur in the first quarter of 2019.
The investment is intended to further accelerate the achievement of Getty Images’ financial goals and boost growth.
Taking this new common equity commitment together with the previously announced $500m preferred equity investment from KED, the company has received a total of $600m in new equity capital commitments since November 2018.
The $600m is in addition to the Getty family’s acquisition of Carlyle’s majority stake in the company in September 2018.
Led by Craig Peters, Chief Executive Officer, and Mark Getty, co-founder and Chairman, Getty Images is a source of visual content, with over 300 million assets including photos, videos, and music, available through its sites www.gettyimages.com and www.istock.com. The Getty Images website serves creative, business and media customers in nearly every country in the world to discover, purchase and share visual content from the world’s best photographers and videographers. Getty Images works with over 250,000 contributors and hundreds of image partners to provide comprehensive coverage of more than 160,000 news, sport and entertainment events each year, creative imagery to communicate any commercial concept and a deep digital archive of historic photography.