Getty Images plans to file for bankruptcy and return to private ownership under a restructuring agreement backed by the Getty family and investment firm Koch Equity Development.
The company announced Monday that the agreement includes up to $533 million in new equity investments from affiliates of the Getty family and Koch Equity Development. The restructuring is expected to be completed by the end of 2026.
Under the deal, holders of Getty’s unsecured bonds have agreed to retire $270 million in outstanding debt. Secured lenders have agreed to reduce interest obligations and extend debt repayment deadlines, giving the company greater financial flexibility.
The prepackaged Chapter 11 bankruptcy process will allow Getty to reorganize its finances under a plan negotiated with creditors before filing for bankruptcy protection.
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Getty expects to continue operating normally during the restructuring, with no impact on its operations, employees, partners or vendors, the company said.
The move comes months after Getty abandoned its proposed $3.7 billion merger with rival Shutterstock. The deal collapsed in June after the UK’s Competition and Markets Authority required Shutterstock to divest its editorial business as a condition of regulatory approval. Getty considered the requirement unacceptable and decided to pursue an independent strategy. The company had spent more than $100 million on professional fees and financing costs related to the proposed merger.
Getty’s traditional stock-image business faces growing competition from generative AI tools, which have reduced demand for conventional stock photography services.
According to Getty CFO Jennifer Leyden, the company’s annual subscribers fell from 321,000 to 241,000. She attributed the decline to a “deliberate strategy to deemphasize lower-value acquisition channels, including the discontinuation of our iStock free trial program.”
The restructuring aims to strengthen the company’s balance sheet and provide additional resources for investment. Getty also expects its editorial image division, which supplies original photographs of real-world events, to remain an important source of growth. The company projects revenue from the division will reach between $369 million and $400 million by 2029.
Mark Getty, the company’s co-founder and chairman, described the agreement as potentially transformational.
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“I am pleased to continue our strong partnership with Koch Equity Development and the lender groups to provide capital structure improvements that will enable us to build on our solid foundation and seize new growth opportunities,” he said.
Koch Equity Development also expressed confidence in Getty’s prospects, saying the restructuring would provide greater flexibility to support employees, customers, contributors and the company’s future growth plans.
“We remain confident in the company’s future and fully support this transaction alongside the Getty family,” said Mike Harris, senior managing director and co-head at Koch Equity Development.
Founded in 1995, Getty Images has become a major provider of wire-service photography, editorial images and video content for news organizations, businesses and other customers worldwide.