Getty Drops After New York Times Says Auction Is in Jeopardy

Saw this one coming.

By Sarah Rabil and Joseph Galante
Feb. 11 (Bloomberg) -- Getty Images Inc., the media company
exploring financial options, fell as much as 7.1 percent on the
New York Stock Exchange after the New York Times reported that
its efforts to sell itself may be unsuccessful.
Getty hasn't received any offers significantly above its
market value of $1.6 billion, the newspaper said, citing
unidentified people briefed on the matter. Kohlberg Kravis
Roberts & Co., Bain Capital LLC and Providence Equity Partners
Inc. expressed interest in Getty last month, the Times said.
The company, the world's largest supplier of photographs to
newspapers and advertising agencies, hired Goldman Sachs Group
Inc. last month to explore financial options, after its shares
lost almost half their value in 12 months. Getty spokeswoman
Bridget Russel didn't immediately return a phone call and an e-
mail seeking comment on the report.
Getty, based in Seattle, dropped $1.70, or 6.4 percent, to
$24.92 at 10:08 a.m. in New York Stock Exchange composite
trading, after falling as low as $24.72.


It's interesting that Private Equity buyers are moving in around it. Not sure the synergies there and probably why they aren't willing to pay that much of a premium for the sagging company.