Getty Images announced that it would become a publicly traded company on the US Stock Market. The company was valued at an enterprise value of $4.8 billion and it will trade on the New York Stock Exchange under the symbol “GETY”.
The story behind Getty’s IPO is that it entered into a business combination agreement with CC Neuberger Principal Holdings II. It was formed through a partnership between CC Capital and Neuberger Berman, and it is now Getty’s parent company that goes public rather than Getty itself. Despite the newly formed deal, Craig Peters will remain the CEO of Getty Images.
Commenting on going public, Peters said:
“Businesses need to be in more places than ever before, and those places are more visual than ever, with an increased emphasis on video. Today, individuals and businesses turn to Getty Images to tell their stories. We’re here for them, whether they’re a content creator trying to stand out on social media, a small business trying to reach new customers, or a Fortune 500 company. It doesn’t matter who you are or whatever your needs are. , Getty Images offers a solution to help you cut through the noise, grab attention and build lasting connections.
Certainly, there are benefits for Getty in this arrangement. As a public company, the company will be able to “aggressively invest in more product and service solutions,” according to its co-founder and chairman, Mark Getty. He says this will help Getty meet the needs of all of its customers, from large corporations to freelancers and small businesses. “It will strengthen and strengthen our position as the privileged people to discover, buy and share powerful visual content from the world’s best photographers and videographers,” Getty concluded.