Getty Images, the top-notch news photo provider in the world, has signed a deal with the well-known investment company Koch Equity Development LLC (KED). As per the deal, KED will invest $500 million in Getty Images as a non-controlling preferred equity investment.
That means the Getty family will have the control on operations of Getty Images. Mark Getty, Co-Founder and Chairman of the Board said: “In September we announced my family were resuming control of Getty Images – a business that bears our name and one that we fervently believe in. KED demonstrated they share a belief in Getty Images, a long-term outlook and focus on growth. We are extremely excited about this partnership and what it means for Getty Images.”
Craig Peters, Getty Images Chief Operating Officer and incoming CEO, added: “KED’s investment in Getty Images serves as strong validation of Getty Images’ market position, content and capabilities. The Company is very excited to have additional financial support and flexibility as we continue to pursue our vision and strategy.”
Matt Flamini, KED President, is equally upbeat: “This transaction, like American Greetings, Meredith, Guardian and others preceding it, is another great example of KED supporting a family-controlled business with a unique, non-controlling equity investment. We are excited to partner with the Getty family for the long-term success of the company.”
This deal has the potential to become a win-win scenario for both the parties concerned.