Carlyle Out: Getty Images Back In Getty Family Hands
Posted on 9/4/2018 by Jim Pickerell | Printable Version |
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The Getty family is acquiring all of the Carlyle Groups 51% equity stake in Getty Images for about $250 million and rolling over about $2.35 billion of outstanding debt.
The deal gives Getty Images an enterprise value of under $3 billion compared to $3.3 billion in 2012 when Carlyle acquired a majority stake in Getty. At that time Carlyle invested about $500 million in the company. It is believed that the Getty family has ended up owning a significant portion of the debt.
It is believed that gross revenue for Getty Images in the last 12 months has been around $830 million. That probably breaks down to around $280 million for Creative Stills, $220 million for iStock and Thinkstock combined, $250 million for the Editorial division and $80 million for video/footage.
Dawn Airey will step down as chief executive and Craig Peters will become the CEO. Mark Getty will become Chairman.
Mr. Getty told the Financial Times, “I’ve always loved this company and I’m extremely excited by its market position.”
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Jim Pickerell.
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