Building story: The Getty Family just bought a majority stake in Getty Images from current owner The Carlyle Group.
And there’s a management shake up …’Subject to closing of the transaction, Getty Images will also implement a series of leadership changes that will come into effect at the end of the year. Getty Images’ CEO Dawn Airey will become a Non-Executive Director, and Chief Operating Officer Craig Peters will assume the role of CEO.’
Upon closing of the transaction, Interim Chief Financial Officer Rik Powell will become CFO.
In regard to other Non-Executive Directorships, also upon closing of the transaction, Mark Getty will become Chairman of the Board. Getty Images co-founder Jonathan Klein, the current Chairman of the Board and the Company’s CEO for 20 years, will remain on as Deputy Chairman. Jonathan Klein will maintain his entire equity interest in the Company alongside the Getty family and members of management.
“It has been a privilege and delight to lead Getty Images,” said Dawn Airey. “I am confident that Craig will be a terrific leader as the Company embarks on this exciting next chapter, with a clear focus on the core visual content licensing business. Having previously appointed Craig as COO with a view to him becoming the CEO, I saw this transaction as a natural moment to pass the baton. I look forward to continuing to serve Getty Images – a company that I am passionate about – on its Board of Directors.”
They say: ‘Through the transaction, the Getty family will acquire all of Carlyle’s equity interests in Getty Images for cash plus units that provide Carlyle with an ongoing financial interest in the future growth of the Company. The transaction is subject to customary closing conditions and is expected to close by the end of the third quarter of 2018.’
In recent years, Getty Images’ equity holders have enabled the company to improve its competitive position by way of major investment in the way we market our products and services and the underlying infrastructure of the business, including technology and product enhancements. Management continues to focus on free cash flow generation to achieve meaningful deleveraging over the next five years.
“In 2012, we invested in Getty Images alongside Mark Getty and the Company’s management, with the aim of taking the Company to the next stage of product innovation and global growth. Today, Getty Images is well positioned to take advantage of market opportunities ahead, and we are pleased to retain an ongoing financial interest in the Company’s future growth,” said James A. Attwood, Jr., Managing Director of The Carlyle Group.
“The Getty family is thrilled to resume control of Getty Images, a business that bears our name and one we strongly believe in,” said Getty Images co-founder Mark Getty, who led the transaction on behalf of the family. “Getty Images is one of the world’s great media brands and the company has delivered a significant repositioning in the past few years, investing in its products and people to capitalize on favorable sector dynamics and build on its industry-leading position.”