Getty Images acquire WireImage.
January 27, 2007
Getty Images announced that it has entered into an agreement to purchase WireImage, one of the leading creators of entertainment and event imagery, for approximately $200 million in cash. The deal also will include MediaVast, Inc. the owner of WireImage, and sub-brands FilmMagic and Contour Photos. The acquisition is subject to regulatory review and other customary closing conditions.
“The demand for entertainment, event and celebrity imagery is growing exponentially, and Getty Images has determined that there are great growth opportunities in the category,” said Jonathan Klein, co-founder and CEO of Getty Images. “A key focus for us in the last several years has been to grow our editorial imagery business, particularly in international markets. The proposed acquisition of WireImage will enable us to develop new products and services, including podcasts, editorial video, multimedia, mobile, consumer offerings and exclusive imagery. We are confident that the proposed acquisition will help us expand our global entertainment and celebrity imagery business, allowing us to satisfy growing customer demand in the U.S. and abroad.”
Under the agreement, WireImage’s founding photographers and key executives have signed long term agreements to remain with WireImage and Getty Images following the acquisition.
