Getty Images filed for Chapter 11 bankruptcy in Delaware on Wednesday. The Getty family and Koch Equity Development will put in up to $533M and own the whole company, which expects to finish the process by year-end. The filing follows a failed Shutterstock merger and growing competition from AI images.

Getty Images filed for Chapter 11 bankruptcy in Delaware on Wednesday, CNBC reported . The move is part of a plan to cut its debt and take the photo agency private.

Affiliates of the Getty family and Koch Equity Development will put in up to $533M in new equity, Getty said . They will own the whole company once the process ends, which Getty expects by the end of the year.

It will not be Getty’s first spell as a private company. The Getty family joined Carlyle in a $3.3B buyout in 2012, and the agency only returned to the stock market through a SPAC merger in 2022.

People who own Getty’s public shares are set to get nothing, the company warned.…