Getty Images plans to go private through a prepackaged bankruptcy
Getty Images plans a prepackaged Chapter 11 filing, meaning creditors agree to the restructuring plan in advance. The company will go private with up to $533 million from the Getty family and Koch Equity Development. The deal follows a collapsed Shutterstock merger, and Getty carries more than $1.3 billion in debt.
Why it matters
Photographers who sell through Getty or its iStock site, and designers who license images for client work, rely on this company. The report does not mention changes to payouts or license terms. It does note that AI image tools keep squeezing the stock-licensing business.
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