Getty Completes Public Offering

Posted on 11/26/1999 by Jim Pickerell | Printable Version | Comments (0)

265

GETTY COMPLETES PUBLIC OFFERING

=5>






November 26, 1999



Getty Images has announced the completion of its public offering of 6 million

shares of its common stock on the Nasdaq. The offering was initiated on the Nasdaq on

November 17, 1999. In addition, the underwriters have elected to exercise

their over-allotment option to purchase an additional 900,000 shares.

The offering was made to raise capital to acquire The Image Bank, Getty's largest

competitor, from Eastman Kodak Company.

The public offering price for the common shares offered by Getty Images was

$39 per share, which will result in gross proceeds of $269.1 million. The

underwriters were Morgan Stanley & Co. Incorporated, Deutsche Banc Alex.

Brown, Hambrecht & Quist LLC, BancBoston Robertson Stephens Inc., and Pacific

Crest Securities, Inc.

The acquisition is expected to create significant opportunities for increased

revenue growth as well as operating efficiencies and margin improvement for

The Image Bank (www.theimagebank.com) through the application of Getty Images'

e-commerce skills and the consolidation of operations.

"Now that we have completed our acquisition of The Image Bank, we intend to

begin implementing our integration plans immediately," said Jonathan Klein,

co-founder and Chief Executive Officer of Getty Images. "Our first priority is

to enhance The Image Banks' e-commerce operations, providing access to more

potential markets as well as significant operating benefits."


Copyright © 1999 Jim Pickerell. The above article may not be copied, reproduced, excerpted or distributed in any manner without written permission from the author. All requests should be submitted to Selling Stock at 10319 Westlake Drive, Suite 162, Bethesda, MD 20817, phone 301-461-7627, e-mail: wvz@fpcubgbf.pbz

Jim Pickerell is founder of www.selling-stock.com, an online newsletter that publishes daily. He is also available for personal telephone consultations on pricing and other matters related to stock photography. He occasionally acts as an expert witness on matters related to stock photography. For his current curriculum vitae go to: http://www.jimpickerell.com/Curriculum-Vitae.aspx.  

Comments

Be the first to comment below.

Post Comment

Please log in or create an account to post comments.

Stay Connected

Sign up to receive email notification when new stories are posted.

Follow Us

Free Stuff

Stock Photo Pricing: The Future
In the last two years I have written a lot about stock photo pricing and its downward slide. If you have time over the holidays you may want to review some of these stories as you plan your strategy ...
Read More
Future Of Stock Photography
If you’re a photographer that counts on the licensing of stock images to provide a portion of your annual income the following are a few stories you should read. In the past decade stock photography ...
Read More
Blockchain Stories
The opening session at this year’s CEPIC Congress in Berlin on May 30, 2018 is entitled “Can Blockchain be applied to the Photo Industry?” For those who would like to know more about the existing blo...
Read More
2017 Stories Worth Reviewing
The following are links to some 2017 and early 2018 stories that might be worth reviewing as we move into the new year.
Read More
Stories Related To Stock Photo Pricing
The following are links to stories that deal with stock photo pricing trends. Probably the biggest problem the industry has faced in recent years has been the steady decline in prices for the use of ...
Read More
Stock Photo Prices: The Future
This story is FREE. Feel free to pass it along to anyone interested in licensing their work as stock photography. On October 23rd at the DMLA 2017 Conference in New York there will be a panel discuss...
Read More
Important Stock Photo Industry Issues
Here are links to recent stories that deal with three major issues for the stock photo industry – Revenue Growth Potential, Setting Bottom Line On Pricing and Future Production Sources.
Read More
Recent Stories – Summer 2016
If you’ve been shooting all summer and haven’t had time to keep up with your reading here are links to a few stories you might want to check out as we move into the fall. To begin, be sure to complet...
Read More
Corbis Acquisition by VCG/Getty Images
This story provides links to several stories that relate to the Visual China Group (VCG) acquisition of Corbis and the role Getty Images has been assigned in the transfer of Corbis assets to the Gett...
Read More
Finding The Right Image
Many think search will be solved with better Metadata. While metadata is important, there are limits to how far it can take the customer toward finding the right piece of content. This story provides...
Read More

More from Free Stuff