The image-licensing giant Getty Images, which holds more than 477 million assets, is filing for Chapter 11 bankruptcy following a failed $3.7 billion merger with rival Shutterstock, abandoned over a regulatory roadblock.
During its earnings call in August, Getty CEO Craig Peters said in the process of merging with Shutterstock, the company had spent “more than $100 million across professional fees and financing costs in pursuit of what we believe will be a strategic transaction.” But when the Competition and Markets Authority, the UK regulatory body, required the sale of Shutterstock’s editorial business, which is central to Getty’s growth strategy, Getty walked away from the deal.
According to The Hollywood Reporter, the company will partner with billionaire Charles Koch’s investment firm, Koch Equity Development, which has invested in Getty since 2018, after a restructuring that Peters says will not involve layoffs.
“Core pillars of our success are the longstanding commitment of our customers and partners, the deep expertise and creativity of our team and content contributors, and the uniqueness of our archive,” Peters said.
According to Getty’s October investor presentation, 82 percent of its second-quarter revenue in 2026 came from “premium” creative and editorial stills, music, video, and generative AI, while only 16 percent was due to its declining “budget-conscious” iStock program, geared toward small and medium-sized businesses. However, the company assured investors that its core business of “premium” creative and editorial assets will outpace declining sectors to return the business to overall growth and predicts that its editorial division will grow from $369 million to $408 million by 2029.