Details are still sketchy as the official announcement will be made at 5 PM ( UK time) but according to sources, the London staff has just be informed of the purchase. They might be waiting to inform the Berliner staff, located in Los Angeles, bought by Rex Features a few years back. This acquisition makes sense.
After many years of trying alone, Getty Images has never succeeded in taking the number one place from Old timer Rex Features. They desperately tried. Thus, in a true and tried fashion, if Getty cannot beat, Getty purchases.
This is going to rock the photo agency world in many levels and in a lot of countries outside the UK. Rex Features does not own much content and has mostly been a distributor of various content. One thinks primarily of SIPA, which has been a key associate of Rex since its beginning. Will SIPA continue to get Rex’s material for France ? Will Rex Getty still distribute them in the UK ? And what about the little celebrity agency Berliner in LA? Does Getty need another celebrity agency on top of Filmmagic, Wireimage, Buzzfoto , AFP and their own ?
Maybe the 5PM relase will give us more info. But then, probably not.
PRESS RELEASE “Celebrity and entertainment content is a growing and vital part of the editorial imagery industry and this acquisition positions us to meet and exceed the demand for nearly instantaneous material,” said Jonathan Klein, co-founder and CEO of Getty Images. “Growing our entertainment imagery business continues to be a key strategic focus. The real winners will be our customers, who can now expect to see greater choice and more easily accessible imagery.”
Getty Images intends to maintain Rex Features brand and with the combined resources of Getty Images and Rex Features, Getty Images will continue to generate new imagery for their respective celebrity and entertainment collections. Additionally, Getty Images global distribution channels will increase international customers access to Rex Features products and services.
The acquisition of Rex Features was driven by the continually evolving celebrity imagery business and gives Getty Images more coverage capabilities for events and portraiture and will expand the entertainment and celebrity imagery segment.
Over more than five decades, Rex Features has built a strong heritage and reputation that Getty Images will build upon to the benefit of customers worldwide, added Klein. Getty Images has always been dedicated to making strategic investments that will provide long-term value to our customers.