Getty Images has finally gone public on July 25, 2022, after the completion of the business combination with CC Neuberger, which was announced at the end of last year, a few days prior.
The stock image provider is now merged into a new entity that serves as a parent company for Getty Images and its subsidiaries and is officially listed on the New York Stock Exchange, after being private for fourteen years.
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The New and Publicly-Traded Getty Images
According to the press release, Getty Images completed the business combination with CC Neuberger Principal Holdings which was announced back in December 2021, on July 22nd, 2022. And the new, combined entity is renamed Getty Images Holdings, Inc.
The company –which now encompasses Getty Images, iStock, and Unsplash– now trades common stock and warrants on the New York Stock Exchange (NYSE) since July 25, 2022, under the symbols “GETY” and “GETY WS,” respectively. Furthermore, the company disclosed it has raised $1 Billion in new equity capital.
It’s worth remembering that the firm’s latest valuation at the end of last year put it at $4.8 Billion.
This new entity now also englobes shareholders Getty family and Koch Equity Development, and it involves CC Capital and Neuberger Berman, the investment companies behind CC Neuberger.
Why Is Getty Going Public
As reported a few months back when we first learned about this partnership and merger, the main interest for Getty was to use the new cash flow to invest and develop their business in strategic segments like video, the microstock agency iStock, and new data-driven services for creatives.
Another important goal is to cover the existing debt that the company has been carrying for at least a decade.
So now that the move is finally completed and Getty Images is officially a publicly-traded company, it’s a matter of waiting and seeing what new developments and announcements they roll out.