Picture this: Getty Images has acquired WireImage in a $200 million deal that unites two of the largest photo agencies covering the global entertainment scene.
The deal calls for Getty to acquire WireImage parent MediaVast Inc., which also owns the FilmMagic and Contour Photos. Getty said Thursday in announcing the all-cash deal that it would continue to operate WireImage, FilmMagic and Contour as separate entities with their own dedicated Web site. WireImage's founding photographers and key executives have signed long-term deals to remain with the company.
"The demand for entertainment, event and celebrity imagery is growing exponentially, and Getty Images has determined that there are great growth opportunities in the category," said Jonathan Klein, co-founder and CEO of Getty Images. "A key focus for us in the last several years has been to grow our editorial imagery business, particularly in international markets. The proposed acquisition of WireImage will enable us to develop new products and services, including podcasts, editorial video, multimedia, mobile, consumer offerings and exclusive imagery. We are confident that the proposed acquisition will help us expand our global entertainment and celebrity imagery business."
The Hollywood Reporter is partnered with Getty Images as its primary provider of photography (HR 1/30).