Getty Images Files for Chapter 11 With $533 Million Backing From Charles Koch's Firm
Getty Images is set to pursue private ownership via Chapter 11 bankruptcy, with financial backing of up to $533 million from an investment firm associated with Charles Koch. Renowned for its extensive historical photo archives and coverage of red-carpet events, the company is experiencing a downturn in its iStock segment due to competition from AI. However, its news-photo division is projected to grow from $369 million to $400 million by 2029. Meanwhile, Netflix has integrated AI into around 300 titles and has laid off 1,000 employees despite remaining profitable. Staff at HarperCollins, Simon & Schuster, and Hachette are feeling pressured to adopt AI tools for marketing. The Public Media Bridge Fund has successfully raised $87 million and initiated a $38 million campaign. Emerald Coast PBS will begin broadcasting on November 1. Hadestown grossed $10.2 million in theaters, and Rick Canny has been appointed as artistic director at the Kennedy Center amid ongoing court proceedings.
Key facts
- Getty Images plans to go private through Chapter 11 with up to $533 million from Charles Koch's investment firm
- iStock is losing demand to AI tools while Getty's news-photo division is forecast to grow from $369 million to $400 million by 2029
- Netflix has used AI on roughly 300 titles and laid off about 1,000 employees while profitable
- HarperCollins, Simon & Schuster and Hachette staff say executives direct them to use ChatGPT and Claude for publicity copy and cover art
- The Public Media Bridge Fund raised about $87 million, stabilized 186 public radio stations and began a $38 million drive
- Emerald Coast PBS goes on air November 1 and needs $1 million in its first year after Pensacola State College dropped PBS on July 1
- Hadestown, filmed at London's Lyric Theatre, opened to $10.2 million in North American cinemas, a record for a live-theatre film
- The Kennedy Center named Rick Canny artistic director; he has consulted there since April 2025
Entities
Artists
- Charles Koch
- Rick Canny
Institutions
- Getty Images
- iStock
- Netflix
- HarperCollins
- Simon & Schuster
- Hachette
- Wired
- The Hollywood Reporter
- Variety
- Public Media Bridge Fund
- Pensacola State College
- PBS
- Emerald Coast PBS
- Lyric Theatre
- Kennedy Center
- AP
- NorthEscambia.com
- ArtsHub
- The Washington Post
Locations
- London
- United Kingdom
- Pensacola
- Florida
- United States
- North Escambia