After rumors of a potential sale surfaced yesterday, Getty Images has officially confirmed that its board of directors is exploring strategic alternatives to enhance shareholder value. It has retained Goldman, Sachs & Co. as its financial advisor and Weil, Gotshal & Manges LLP as its legal advisor in connection with its evaluation of such alternatives.
"While the evaluation process, including discussions with various interested parties, is ongoing, there can be no assurance that any transaction will occur or as to the timing, structure, price or terms of any transaction," the release stated. "Getty Images does not plan to update the market with any further information on the process unless and until such time as its Board of Directors deems appropriate."
By noon on Tuesday, Getty's stock had risen more than 14% from its $21.94 Friday closing to $25.08.