r/technology

10h ago

u/MarvelsGrantMan136

Getty Images files for bankruptcy amid AI competition and mounting debt

Business

dexerto.com Getty Images has officially filed for bankruptcy in the US as the photography giant moves forward with a major restructuring plan following its failed merger with Shutterstock.

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TigerUSA20

8h ago

Roughly $1.5 billion to $2.06 billion in debt…..

Geez, what kind of hard drives did they buy to store images?

EnnuiFlagrante

8h ago

Edited 8h ago

Exactly. AI is background noise to what really happened to Getty. This is really about Private Equity raping a midsize company and transferring the PE’s debts onto Getty stockholders.

Getty was bought by Private Equity for $3.3B in mostly borrowed money (debt).…