News
Getty Images acquiring WireImage for $200 million in cash
It’s no secret that Getty images has been taking steps to build up it’s entertainment and celebrity image business recently and now Getty Images has taken a leap forward by agreeing to spend approximately $200 million in cash to acquire WireImage, a leader in the realm of entertainment and event imagery. The deal also will include MediaVast, Inc. the owner of WireImage, and sub-brands FilmMagic and Contour Photos.
As part of the deal, WireImage's founding photographers and key executives have signed long term agreements to remain with WireImage and Getty Images following the acquisition. WireImage brings to Getty an online archive of over 8.5 million images. The company has about 230 employees and offices in New York, Los Angeles, Miami, Atlanta, Las Vegas, London, Hamburg, Tokyo, Shanghai, Sydney, Madrid, and Amsterdam.
"Under the Getty Images umbrella our customers will be able to take advantage of Getty Images' global, localized e-commerce platform. Getty Images' breadth of products and services, including their vast archival collections, will give our customers more choice and richer, more accessible content." said Jason Nevader, co-founder and CEO of MediaVast.
Getty Images has stated plans to continue operating all three of the MediaVast brands WireImage, FilmMagic, and Contour Photos, and WireImage's team will work with Getty Images to continue generating new imagery for their respective collections and make it available for online distribution.
"A key focus for us in the last several years has been to grow our editorial imagery business, particularly in international markets. The proposed acquisition of WireImage will enable us to develop new products and services, including podcasts, editorial video, multimedia, mobile, consumer offerings and exclusive imagery. We are confident that the proposed acquisition will help us expand our global entertainment and celebrity imagery business, allowing us to satisfy growing customer demand in the U.S. and abroad." said Jonathan Klein, co-founder and CEO of Getty Images.
The announcement of this most recent acquisition comes at an exciting time when rumors are swirling the industry about a potential deal for Getty to acquire rival JupiterMedia for $350 million. Getty Images is off to an aggressive start to 2007 and these recent moves only serve to create further distance between Getty Images and would-be competitors including Corbis, Jupiter, and many others.
Click here to view the original press release.
Jupiter confirms sale talks with Getty Images and potential sale price of $350 million (February 22, 2007)
Getty Images in talks to acquire rival JupiterImages (February 21, 2007)
Getty releases 4Q and Full Year 2006 financial results (January 30, 2007)
Getty acquires Italian distributor Laura Ronchi (May 3, 2006)
Getty Images acquires Stockbyte for $135 million (April 6, 2006)
Getty acquires iStockphoto for $50 million (February 9, 2006)
Posted in: News, Stock Photo Companies
