Getty Images for sale
By Leah McBride Mensching, Monday 21 January 2008 at 23:17 :: Media Ownership :: #1134 :: rss
Getty Images has put itself up for sale, and could bring in more than US$1.5 billion, the New York Times reported Monday.
The biggest supplier of photos and video to media and advertising companies in the world has gained the interest of several buyers, most of them from private equity firms, including Bain Capital, Kohlberg Kravis Robers, and others, the report stated.
Getty, founded in Seattle in 1995, has hired Goldman Sachs to advise it on the sale, according to the New York Times.
Final bids in the auction are due by the end of the month, but a sale has not been assured, as tightening of high-yield debt markets has cut private equity firms off from the source of their business, which makes it more difficult to finance these types of deals, according to the article.
Getty claims to have an average 3.2 billion images and four million unique visitors at its Web site each month.
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