This long time photo agency  which specializes more in red carpet photos rather than paparazzi photos is going to close unless they get a big infusion of cash.

Getty Images

Abu Dhabi’s Multiply Group to invest $75m in visual content creator Getty Images

Abu Dhabi-based, technology-focused investment holding company Multiply Group is investing Dh275 million ($75 million) in the global visual content creator and marketplace Getty Images.

Multiply, a subsidiary of Abu Dhabi-listed International Holding Company, has signed a binding commitment to invest in Getty as part of the company’s listing through its merger with a special purpose acquisition company, or Spac, it said in a statement on Tuesday evening.

Getty Images is merging with CC Neuberger Principal Holdings II. The Spac, or a blank-cheque company as these vehicles are known, is sponsored by CC Capital and Neuberger Berman. The deal is expected to close in the first half of 2022, after which a newly formed parent company of Getty Images is expected to be listed on the New York Stock Exchange.

The merger, which was announced in early December, involves a total equity investment of $1.3 billion, valuing Getty Images at $4.8bn, including debt.

The company works with more than 450,000 contributors and more than 300 content partners to build content. Each year, Getty Images covers more than 160,000 news, sport and entertainment events. – Source

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