Getty Images (GETY) has filed for Chapter 11 bankruptcy and announced plans to transition to a privately held company.
The bankruptcy of the supplier of stock images and editorial photographs comes after a planned merger with rival Shutterstock collapsed earlier this year.
Getty Images said that it has also struggled financially due to growing competition from a proliferation of artificial intelligence-generated images.
The Getty family and Koch Equity Development will own 100% of the company after its restructuring under bankruptcy.
The company said it will continue operating normally throughout its Chapter 11 bankruptcy process, with no impact on content contributors, customers, or employees.
Getty Images expects to emerge from Chapter 11 bankruptcy by the end of this year.
In a bankruptcy court filing, Getty Images listed both its assets and financial liabilities in a range of $1 billion U.S. to $10 billion U.S.
Getty competes with Reuters (TRI) and the Associated Press in providing photos and videos to news organizations.
The company said that financing from Koch Equity Development of up to $143 million U.S. will support its operations during the bankruptcy process.
GETY stock is currently trading at $0.02 U.S. per share, having collapsed 99% in the past year.
