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Entries in The Carlyle Group (1)

Friday
Aug172012

Getty Images Changes Hands, Retains Management

According to numerous sources, the world’s largest archived photo distributor, Getty Images, has been sold to the world’s second largest private equity firm, The Carlyle Group, for a fee of $3.3 billion. A statement released by the Carlyle Group read that Getty co-founder and Chairman Mark Getty and CEO Jonathan Klein, who partnered the deal, would be rolling “substantially all” of their controlling interests into the deal and would invest “significant equity” in the company going forward. The Getty Images management would also be included in the deal.

 

“Getty Images is the premier, digital global marketplace for commercial visual content. We look forward to partnering with Mark Getty, Jonathan Klein and the talented Getty Images management team. We will harness Carlyle's financial resources and global network to help take Getty Images to the next stage of product innovation and global growth,” said Elliot Merrill, Managing Director of the Carlyle Group.

 

The $3.3 billion offer fell short of the initial $4 billion valuation made by previous owners Hellman & Friedman, who bought Getty Images in 2008 for $ 2.4 billion, but the two sides ultimately reached an agreement. The Carlyle Group outbid CVC Capital Partners Ltd. to secure the purchase, according to reports. To read more, click on the attached link to the Bloomberg article: Carlyle Buys Getty Images From Hellman & Friedman.

 

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