American billionaire Charles Koch joins $533 million rescue of Getty Images

American billionaire Charles Koch's investment arm and the Getty oil dynasty have agreed to put up to $533 million of new equity into Getty Images and take full ownership of the struggling photo agency through a prepackaged Chapter 11 bankruptcy.

Getty Images said on Oct. 12 that it had signed a restructuring support agreement with the Getty family and affiliates of Koch Equity Development, the investment unit of Koch Inc., the Wichita, Kansas-based conglomerate that Koch has chaired since 1967. The two investor groups will own 100% of the reorganized company when it emerges from bankruptcy, and Getty Images will become privately held.

The Seattle-based company plans to ask creditors to approve the plan in the coming days and to file for Chapter 11 protection for certain U.S. entities in the coming weeks. It expects to complete the restructuring by the end of the year. Getty did not say in which court it would file.

How the deal works

Under the agreement, holders of 83.5% of Getty's unsecured bonds agreed to retire $270 million of senior unsecured notes. Holders of about 89% of its secured bonds and term loans, along with all lenders under its revolving credit facility, agreed to lower interest payments and extend maturities. Koch Equity Development will also provide up to $143 million in financing to fund the company through the restructuring.

Bloomberg News reported the new equity at up to $433 million and said about $100 million of debt held by Koch affiliates would be converted into equity. The company's own announcement put the total equity commitment at up to $533 million.

Getty's public shareholders are likely to be wiped out. The company warned in its risk disclosures that holders of its common stock may not receive or keep any property under the plan. Its shares, which moved to over-the-counter trading on Sept. 30 after the New York Stock Exchange began delisting proceedings over the low share price, fell 69% to $0.0147 on Oct. 12, according to Yahoo Finance.

"Getty Images is uniquely trusted around the world as the unparalleled leader in premium visual content," Mark Getty, the company's co-founder and chairman, said in the statement. Mike Harris, senior managing director and co-head of Koch Equity Development, said: "We remain confident in the company's future and fully support this transaction alongside the Getty family." Chief Executive Officer Craig Peters said the backing of the family, Koch and lenders "will enable us to accelerate investment into the business."

A failed merger and heavy debt

The rescue follows the collapse of Getty's planned $3.7 billion merger with rival Shutterstock. Getty walked away in July after the U.K. Competition and Markets Authority said it would approve the deal only if Shutterstock sold its global editorial business, including celebrity photo agencies Backgrid and Splash. The U.S. Justice Department had cleared the deal without conditions. Peters said in August that the company had spent more than $100 million on professional fees and financing costs tied to the transaction.

Getty had about $2.1 billion of debt as of June 30, Bloomberg reported. After the merger fell through, it redeemed $628.4 million of 10.5% senior secured notes. It then chose not to make interest payments due on Sept. 1 on its unsecured notes, entering a grace period even though it had the cash to pay.

The business has been squeezed by falling demand and competition from images generated by artificial intelligence. Revenue fell 2.5% to $229.1 million in the second quarter, while its net loss widened to $85.8 million from $34.4 million a year earlier. The company lost $206.1 million in 2025.

Koch's long bet on Getty

The deal deepens a partnership between the Koch and Getty families that dates back to 2018. That year, the Getty family bought out private equity firm Carlyle Group's majority stake, and Koch Equity Development agreed to a $500 million preferred equity investment. The two sides added another $100 million in common equity, split evenly, in early 2019.

Getty Images was founded in 1995 by Mark Getty, an heir to the Getty Oil fortune, and South African businessman Jonathan Klein. It went public in 2022 through a merger with a special purpose acquisition company.

Charles Koch, 90, is worth $76.9 billion, according to Forbes, which ranks him 28th in the world. His wealth comes mainly from Koch Inc., which Forbes describes as America's second-largest private company by revenue, with about $125 billion in annual sales from pipelines, chemicals, software, auto parts and consumer products such as Dixie cups. He holds 42% of the company's voting power.