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Getty Images Holdings, Inc. reports developments for a global visual content creator and marketplace built around the Getty Images, iStock and Unsplash brands, websites and APIs. Company news commonly covers operating results, subscription and licensing activity, editorial and creative content, and official photography assignments for sports, entertainment and cultural events.
Recurring updates also address rights-cleared imagery and video distribution, content-creator programs, partner relationships, event coverage, archive-based content, NYSE listing compliance, and other corporate matters affecting its Class A common stock.
Unsplash has launched a collection for 3D artists, now accepting 3D renders into its library. This move aligns with the growing demand for virtual and augmented reality assets, projected to reach nearly $300 billion by 2024. Co-Founder and CEO Mikael Cho emphasized the opportunity for creativity within this emerging market. Unsplash, acquired by Getty Images in 2021, continues to be a leader in high-resolution images, boasting over 2 billion downloads globally. The platform aims to support a vibrant community of creators by expanding its content offerings.
iStock has released five strategies for businesses to effectively engage customers through sports ahead of the Beijing 2022 Winter Games. Research indicates that 79% of consumers want sports access for all, prioritizing mental well-being over physical benefits. Key strategies include showcasing mental health discussions, promoting inclusivity, and representing female athletes authentically. This approach aims to create deeper connections between brands and consumers, especially in the evolving landscape of sports marketing.
Getty Images has announced its role as the Official Photographic Agency for the Olympic and Paralympic Winter Games Beijing 2022, set to capture over 1.5 million images from the event occurring from February 4 to February 20. A team of over 60 photographers and editors will utilize innovative technology, including remote editing capabilities and industry-leading robotic cameras. This initiative allows for real-time photo uploads, enhancing the immediacy of visual storytelling for audiences worldwide.
Getty Images, in collaboration with the Getty Family and Stand Together, has awarded a $500,000 grant to four Historically Black Colleges and Universities (HBCUs): Claflin University, Jackson State University, North Carolina Central University, and Prairie View A&M University. This funding will facilitate the digitization of up to 200,000 archival photographs, preserving vital HBCU history. The initiative includes a dedicated collection on Getty Images' platform, promoting accessibility and storytelling about these institutions. Revenue generated from the images will support scholarships and further grant initiatives.
Multiply Group has signed a binding commitment to invest an additional $75 million in CC Neuberger Principal Holdings II, bringing the total PIPE proceeds for Getty Images to $225 million. This investment values Getty Images at an enterprise value of $4.8 billion and is part of a business combination with CC Neuberger. The transaction will list Getty Images on the NYSE under the symbol GETY, with an anticipated closing in the first half of 2022. The total capital commitments for the deal now stand at $875 million.
Getty Images has announced a business combination with CC Neuberger Principal Holdings II, valuing the company at an enterprise value of $4.8 billion. This deal aims to reduce leverage and increase cash flow, facilitating further growth. Following the merger, Getty Images will become publicly traded under the ticker symbol GETY on the New York Stock Exchange.
The transaction includes a total equity investment of approximately $1.2 billion to pay down debt. The deal is set to close in the first half of 2022, pending customary conditions.