The visual content company plans a prepackaged Chapter 11 restructuring backed by the Getty family and Koch Equity Development, following the collapse of its proposed Shutterstock merger.
Getty Images has announced plans to become a privately held company following a restructuring agreement with its major creditors and investors, involving an equity commitment of up to $533 million from affiliates of the Getty family and Koch Equity Development.
The visual content provider said the agreement is intended to reduce its debt obligations, strengthen its balance sheet and support future operations. The restructuring will be implemented through an expedited prepackaged Chapter 11 bankruptcy process involving certain of its US entities.
Under the restructuring support agreement announced on October 12, holders representing 83.5% of Getty Images' unsecured bonds have agreed to retire approximately $270 million in outstanding senior unsecured notes. Secured lenders have also agreed to reduce interest obligations and extend debt maturities.
The agreement has received support from holders representing approximately 89% of the company's secured bonds and term loans, along with all lenders under its revolving credit facility.
Upon completion of the process, affiliates of the Getty family and Koch Equity Development will own 100% of the reorganised company, subject to provisions under the restructuring plan.
Getty Images expects to begin the prepackaged Chapter 11 filing process in the coming weeks and complete the restructuring by the end of 2026.
The company said its operations would continue during the process, supported by financing of up to $143 million from Koch Equity Development and cash generated through ongoing business activities.
It added that the restructuring is not expected to affect employees, contributors, customers, partners or vendors, with payments continuing in the ordinary course of business.
The announcement follows Getty Images' decision to abandon its proposed $3.7 billion merger with rival Shutterstock earlier this year.
The merger faced regulatory scrutiny in the United Kingdom, where the Competition and Markets Authority raised competition concerns and required Shutterstock to divest its editorial business as a condition for approval.
The restructuring also comes amid changes in the visual content industry, where generative artificial intelligence is expanding the availability of digitally created imagery and introducing additional competition for traditional stock photography providers.
Getty Images operates a global marketplace for editorial photography, stock images, video and other licensed visual content used by media organisations, advertisers, marketers and creative professionals.
The company has also developed AI-related offerings as businesses increasingly explore generative tools for commercial content production.
For Getty Images, the proposed restructuring would mark a change in ownership structure following its period as a publicly traded company.
The transaction remains subject to completion of the planned Chapter 11 process and associated approvals.
If completed within the announced timeline, Getty Images will continue operating under private ownership backed by the Getty family and Koch Equity Development.
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