US-based professional media content provider Getty Images signed an agreement with conglomerate Koch Industries’ corporate venturing arm Koch Equity Development (KED) yesterday to secure a $500m investment.
The deal is subject to customary closing conditions and is expected to conclude by the end of the year.
Founded in 1995, Getty Images operates an online platform for media, business and creatives to purchase photography, video and music from more than 250,000 contributors that provide content from more than 160,000 news, sports and entertainment events each year.
The company was majority-owned by private equity firm Carlyle Group until earlier this year, when the Getty family reached an agreement to repurchase control of the firm in a deal that, according to Reuters, valued Getty Images at below $3bn, including debt.
Getty Images has not specified what it intends to do with Koch Equity Development’s investment, but noted that the corporate will not gain any editorial influence through the investment.
Mark Getty, co-founder and chairman of the board said: “In September we announced my family were resuming control of Getty Images – a business that bears our name and one that we fervently believe in.
“KED demonstrated they share a belief in Getty Images, a long-term outlook and focus on growth. We are extremely excited about this partnership and what it means for Getty Images.”
