Getty Images Draws Bids in $4 Billion Range (Report)
The auction of photo agency Getty Images has moved on to a second round with initial private equity bids coming in at around $4 billion, the Wall Street Journal said, citing people familiar with the situation.
Among what are believed to be at least a handful of suitors are leveraged buyout firms KKR and TPG, according to the paper.
Seattle-based Getty distributes stock photographs and current photo and video footage to media companies and other organizations, including The Hollywood Reporter.
A deadline for second-round bids hasn't been set, but management is giving presentations to those who remain in the running, the Journalsaid.
Buyout firm Hellman & Friedman took Getty private in 2008 in a $2.4 billion deal. Getty co-founder and chairman Mark Getty and other investors continue to own a minority stake in the company.
A $4 billion-plus deal would make for one of the biggest buyouts of the year. Getty's owners have also been eyeing a potential IPO, but that option has been put on the back burner amid the strong level of interest from potential buyers, the Journal said.
A Getty spokeswoman declined to comment.