Businessmarkets
Getty Images is going private after failed Shutterstock merger
Getty Images has announced plans to file for bankruptcy and transition into a private company as part of a major financial restructuring agreement. This decisive move follows the collapse of its proposed merger with rival stock platform Shutterstock earlier in the year. To facilitate the debt-cutting process and secure its future operations, the company has successfully secured $533 million in funding. This financial backing comes directly from the Getty family alongside Charles Koch's investment firm.