Getty Images plans to file for Chapter 11 bankruptcy protection and return to private ownership under a restructuring backed by the Getty family and Koch Equity Development, which together will provide up to $533m (R8.8bn) in new equity.
The company said that it would seek creditor approval for a prepackaged plan within days, with a court filing limited to certain US entities to follow in the coming weeks. It expects to complete the process by the end of 2026. Getty said the required majority of creditors had committed to vote for the plan, which still needs court approval.
The deal will remove public shareholders and leave the Getty family and Koch Equity Development, the investment arm of Charles Koch’s Koch Inc, with full ownership. Koch will also provide up to $143m (R2.4bn) to fund the proceedings. Getty said operations would continue as normal, vendors would be paid in full, and no impact was expected on staff, contributors, customers or partners.
Getty Images restructuring in numbers
| Item | Figure |
| New equity from Getty family and Koch | Up to $533m (R8.8bn) |
| Financing for the bankruptcy process | Up to $143m (R2.4bn) |
| Unsecured bonds retired | $270m (R4.4bn) |
| Total debt | About $2.1bn (R34.5bn) |
| Abandoned Shutterstock merger | $3.7bn (R60.9bn) |
| Second-quarter 2026 revenue | $229.1m (R3.8bn) |
| Valuation about four years ago | $4.8bn (R79bn) |
Under the agreement, holders of unsecured bonds will retire $270m (R4.4bn) of debt, while secured lenders have agreed to lower interest costs and extend repayment dates. Getty carries total debt of about $2.1bn (R34.5bn). Existing common shareholders are expected to bear the heaviest losses.
The filing comes about three months after Getty abandoned its planned $3.7bn (R60.9bn) merger with Shutterstock. The UK Competition and Markets Authority made approval conditional on the sale of Shutterstock’s editorial business, a condition Getty’s board declined to accept. Getty then hired Guggenheim Securities to explore financing options for a standalone future.
Co-founder and chairman Mark Getty said the transaction was underpinned by the strength of the business and its growth prospects, and that the equity would give the company a firmer financial base and more flexibility to invest in staff, customers and contributors.
Getty reported second-quarter revenue of $229.1m (R3.8bn). Fast Company noted the company was valued at $4.8bn (R79bn) about four years ago, when it went public. It now competes with generative AI tools that can produce images in seconds, though The Hollywood Reporter said Getty projects one revenue line linked to photographs of real events to grow from $369m (R6.1bn) to $400m (R6.6bn) by 2029.
Getty supplies wire photography and video to news organisations and businesses worldwide, including coverage of most red-carpet events and film festival premieres.