Getty Images goes private again after collapse of merger with Shutterstock

Getty Images has announced the launch of a “prepackaged” Chapter 11 procedure, the tool provided under U.S. bankruptcy law to restructure debt with a plan already agreed upon with creditors before the court filing. The company’s stated goal is to become a private company again, delisting from the stock exchange. According to DPReview and The Hollywood Reporter, the operation is backed by the Getty family and Koch Equity Development, which together would provide up to $533 million in new capital.

The move comes after the collapse of the $3.7 billion merger with Shutterstock, the other major name in the stock image sector. The deal, which would have created a single group capable of competing on a global scale in the sale of photos, videos and licensed editorial content, stalled due to a regulatory obstacle in the United Kingdom, according to the cited sources.

In the background of the affair lies the transformation of the image market caused by the spread of generative artificial intelligence tools, capable of producing visual content on demand and reducing the demand for traditional licensed photos and videos — a competitive pressure that the two outlets cite among the causes of the sector’s financial deterioration.

Getty Images has stated that the procedure is not expected to have any impact on contributors, partners, clients or employees. This is a statement from the company itself, reported by both outlets, and not yet verifiable in its concrete effects: the restructuring plan will now have to undergo review by the competent bankruptcy court in the United States.

The case fits into a phase of redefinition of the entire licensed visual content sector, in which the availability of low-cost generative tools is pushing other operators to revise business models built for decades on the direct sale of images and footage.