Pro-Imaging

GETTY FOLLOW UP

The below is a portion of the "official" Getty Image press release of yesterday:

Seattle, WA, Jan. 22, 2008. While it is the long-standing policy of Getty Images, Inc. not to confirm or deny market rumors, in response to articles that were published on January 21, 2008, Getty Images confirmed today that its Board of Directors is exploring strategic alternatives to enhance shareholder value.  (emphasis added by me) The Board of Directors has retained Goldman, Sachs & Co. as its financial advisor and Weil, Gotshal & Manges LLP as its legal advisor in connection with its evaluation of such alternatives.

While the evaluation process, including discussions with various interested parties, is ongoing, there can be no assurance that any transaction will occur or as to the timing, structure, price or terms of any transaction. Getty Images does not plan to update the market with any further information on the process unless and until such time as its Board of Directors deems appropriate. (my emphasis again)

Corporate speak at its best, "...exploring strategic alternatives to enhance shareholder value".  Yes folks in English that indeed could mean: "sale", "acquisition", "merger" (and/or a number of other results).  Again, no mention of you guys, the Getty contributors is made.  No doubt that PR faux pas will be remedied shortly.  Whilst you are  being kept in the dark, you will be assured that such is not the case.  Recall famed lawyer Marx, Groucho: "Who ya gonna believe, me or your own eyes"?   

As you all know, you are all very, very important partners in this process.  Your concerns are paramount.  Sure.  No doubt,  you will be told what is deemed appropriate when and if such decision is made and/or not made by legal and/or accounting subject to the marketing team's advice rendered in conjunction with the best interests of the shareholders. 

Suggestion is made to consult your brethren who were with agencies that were purchased, acquired, sold, closed etc.   Ask and learn about their experiences in such situations.  Forewarned is forearmed.