GETTY IMAGES TO GO PRIVATE AFTER RESTRUCTURING DEAL

Summary from the TLDR Design newsletter

Getty Images is planning a prepackaged Chapter 11 filing and will go private, backed by up to $533 million from the Getty family and Koch Equity Development. The deal follows a collapsed $3.7 billion Shutterstock merger and leaves the company, carrying over $1.3 billion in debt, wholly family- and Koch-owned. Generative AI image tools keep squeezing the stock-licensing business of both Getty and Shutterstock.