Getty Images files for Chapter 11 bankruptcy to go private

Getty Images filed for Chapter 11 bankruptcy in Delaware as part of a plan to cut debt and take the photo agency private. The Getty family and Koch Equity Development will invest up to $533M and own the whole company, while public shareholders get nothing. The process is expected to finish by year-end.

• Getty family and Koch Equity Development to invest up to $533M in new equity
• Bondholders to write off $270M of debt; Koch to provide up to $143M more
• Assets and liabilities listed at between $1B and $10B
• Q2 sales fell 2% to $229.1M amid pressure from AI image tools