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article imageCarlyle Group acquires Getty images for $3.3 billion

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By Jaffna Mohaideen     Aug 17, 2012 in Business
Seattle - Getty images, the world-famous stock-photo firm, has been acquired by the Carlyle group for $3.3 billion. The price tag is a premium over Hellman & Friedman’s 2008 acquisition of the company when it acquired Getty for $2.4 billion.
The Seattle-based Getty images is among the most popular stock-image suppliers in the world. Getty communications joined hands with PhotoDisc Inc to start Getty images in 1997.
The 15-year-old stock photo agency is a big competitor to Microsoft's Corbis Corporation.
While world-renowned, Getty saw its popularity surge as it started dominating the digital space. Some of its most well-known digital subsidiaries are iStockphoto, Jupiter images, Tony stone images, and All Sport.
In a statement, Getty CEO Jonathan Klein said,“Getty Images consistently demonstrates growth, leadership and prominence as one of the world’s leading media companies. This partnership with The Carlyle Group reflects and bolsters our ongoing strategy, strong management team and the talent of our dedicated employees.
Previously in early 2008, Hellman and Friedman (H&F) purchased Getty Images for $2.4 billion. That investment yielded H&F $900 million in gross profits over a four-year period.
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