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Written by Ron Rovtar, Managing Editor, the Stock Asylum
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Tuesday, 22 January 2008 |
 Getty images this morning confirmed that something is going on behind the scenes, but stopped barely short of actually saying the company is on the auction block.
" . . . in response to articles that were published on Jan. 21, 2008, Getty Images confirmed today that its Board of Directors is exploring strategic alternatives to enhance shareholder value. The Board of Directors 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," the company said in the prepared statement.
"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 company said.
Continue reading Getty Confirms Something . . .at the Stock Asylum (SUBSCRIPTION REQUIRED)
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Written by Ron Rovtar, Managing Editor, the Stock Asylum
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Tuesday, 22 January 2008 |
When the going gets tough, the folks at Getty Images get going –– apparently in the opposite direction.
The New York Times reported this morning that Getty's management has put the company up for sale. The move follows a series of setbacks that have led investors to pummel the company's stock price over the last nine quarters.
Citing unnamed sources, the Times reported that several firms, including private equity company's like Kohlberg Kravis Roberts and Bain Capital, have expressed an interest in Getty. The Seattle company could sell for more than $1.5 billion, the newspaper said. Getty's current market capitalization of just over $1.3 billion,
But a deal is not certain in the current financial climate.
And any potential buyer should spend a lot of time asking itself a number of questions about where it plans to take this company. From the outside, the stock photography industry looks considerably different than it appears from the inside, meaning that new owners will have to climb a steep learning curve if they really hope to be successful.
Continue reading Getty Up for Sale. . .at the Stock Asylum (SUBSCRIPTION REQUIRED)
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Written by Getty Images, Inc.
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Tuesday, 22 January 2008 |
SEATTLE, January 22, 2008 -
While it is the long-standing policy of Getty Images, Inc. (NYSE:GYI)
not to confirm or deny market rumors, in response to articles that were
published on January 21, 2008, Getty Images confirmed today that its
Board of Directors is exploring strategic alternatives to enhance
shareholder value. The Board of Directors 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.
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Last Updated ( Tuesday, 22 January 2008 )
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Read more...
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Written by Ron Rovtar, Managing Editor, the Stock Asylum
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Monday, 21 January 2008 |
Get to the decision-maker.
This is basic advice frequently heard from expert sales people.
And good advice it is.
Few business situations are more frustrating than selling a "gatekeeper" only to learn this contact person has been overruled by someone with more power.
Unfortunately, this problem can be a constant irritation for photographers and stock distributors who must deal with gatekeepers much of the time. A designer or art directors may love the product, but the boss or the end client may see things very differently.
Continue reading Gatekeepers . . .at the Stock Asylum
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Written by Jim Hunter
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Monday, 21 January 2008 |
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The New York Times is reporting this morning that Getty Images has put itself up on the auction block. Full story here.
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