Getty Images is going private after failed Shutterstock merger

Getty Images intends to record for bankruptcy and spell backstage arsenic portion of a restructuring statement aft its plans to merge with rival banal level Shutterstock fell done earlier this year. On Monday, Getty announced it had secured $533 cardinal from the Getty household and Charles Koch's concern steadfast to chopped its indebtedness and instrumentality the institution private, outlining plans to acquisition a prepackaged Chapter 11 process "in the coming weeks."

The restructuring effort is expected to beryllium wrapped up by the extremity of this year, with nary anticipated interaction connected contented contributors, partners, customers, oregon employees globally. Once completed, the institution volition beryllium enti …

Read the afloat communicative astatine The Verge.