Getty Completes Public Offering

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




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 ( 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, 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:  


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