Magnum Photos have welcomed their first outside investment which will allow the agency to ‘take advantage of new editorial and commercial opportunities afforded by digital technology’.
The agency announced the investment this week forming a new subsidiary called Magnum Global Ventures (MGV) which will be majority owned by the Magnum cooperative alongside the two new investors, Nicole Junkermann and Jörg Mohaupt. The new subsidiary will manage and control all of the agency’s assets. Members of the cooperative continue to have full control over their intellectual property, including copyright of all imagery, and over the admission of new members.
Magnum say: ‘Over the last three years, the iconic photographic cooperative has invested heavily in digital and content development. The capital injection and global expertise of its new investors will allow the agency to take advantage of new editorial and commercial opportunities afforded by digital technology.’
‘The two investors, Nicole Junkermann and Jörg Mohaupt, will invest in a newly created subsidiary, Magnum Global Ventures (MGV), which will lead the agency’s modernisation and innovation strategy.’