Getty Images to go private via bankruptcy, keep Seattle HQ

Getty Images plans a prearranged Chapter 11 bankruptcy that will take the company private while keeping its Seattle headquarters and its roughly 300 local employees. Members of the Getty family and Koch Equity Development affiliates will invest up to $533 million and co-own the company, with bondholders retiring $270 million in unsecured debt and public shareholders expected to be wiped out. Getty posted $84 million in operating income on $981 million in revenue last year but a $206 million net loss, and its creative stock-photo revenue fell 2.6% in Q2 amid competition from AI-generated images.