Getty Images has confirmed it will initiate a prepackaged Chapter 11 bankruptcy process in the coming weeks as part of a broader financial restructuring. The company has secured $533 million in funding from the Getty family and an investment firm led by Charles Koch to reduce its debt load and transition into a private entity.

This decision follows the breakdown of merger negotiations with rival stock photography platform Shutterstock, which failed to materialize earlier this year. The company stated that the restructuring is intended to strengthen its balance sheet and stabilize its long-term financial position. Getty Images leadership maintains that the bankruptcy process will not disrupt daily operations, noting that they expect no negative impact on employees, content contributors, partners, or customers. The company anticipates completing the restructuring process by the end of this year.