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Getty Images confirms that it is exploring strategic alternatives
In response to rumors circulating the industry including an article published by the New York Times, Getty Images has issued a press release confirming that “its Board of Directors is exploring strategic alternatives to enhance shareholder value”. And the company “has retained Goldman, Sachs & Co. as its financial advisor and Weil, Gotshal & Manges LLP as its legal advisor in connection with its evaluation of such alternatives”.
The rumors which were first reported by ANDREW ROSS SORKIN and MICHAEL J. de la MERCED of the NY Times speculated that the purchase price might reach $1.5BB, which comes in a less than two times projected revenue for 2007 of about $850MM and about twelve times projected net revenue of approximately $125MM an devalues the company at about $25 per share. Getty Images is due to release its financial results for the fourth quarter and 2007 year end, on Thursday, January 31, 2008.
Click here to view the original press release from Getty Images.
Posted in: Getty Images, News, Stock Photo Companies
