(2-Jun-17) Getty Images Acquires GILA

Wednesday January 10, 2018
In February, Getty Images and GILA signed a letter of intent for Getty Images to acquire the assets
of Getty Images Latin America (GILA). Getty Images and GILA have subsequently signed an agreement which confirms the basis for the completion of that transaction. The sale is closing in stages across the various GILA regions with an expected final closing date in the third quarter of 2017. This investment is a tangible demonstration of Getty Images’ long-term commitment to its contributors and customers. For 8 years, GILA has operated as one of Getty Images’ largest master delegates and has built a solid base on which to support our plans for market growth.

An invitation to join Getty Images
Although final closing is months away, we and the team at Getty Images felt it was very important to reach out to you early in the process with an offer to sign an agreement with Getty Images. We value your work and appreciate your contribution to our business and we are eager to continue a relationship with you.

In the coming weeks, Getty Images will be sending you an invitation to sign a new agreement directly with Getty Images. The invitation will come from contributorservices_noreply@gettyimages.com with a unique link to set up an account and sign the agreement through our contributor platform, ESP. You may want to add this email address to your contacts so the invitation is not mistaken as spam.

Please note, your GILA agreement will continue to govern your content (and any royalties will continue to be paid to you by GILA) until all phases of the acquisition are complete. At that time, your GILA content will be legally assigned to your new Getty Images Agreement. The final close date is expected to be in the third quarter of 2017, and we will confirm that precise date in due course.

What’s in it for me?
With over 20 years’ experience, Getty Images is expert in digital media and content licensing with offices all over the world. They understand the importance of having a strong, local voice and are invested in continuing to support and elevate this voice in the interests of our customers and the local photographer community.

What happens after I sign?
After signing there will be no immediate impact for you; GILA operations are business as usual. Submissions should carry on normally until further notice. As soon as all phases of the sale are completed, the day-to-day working relationship will be managed through Getty Images. We will provide you with more information and instruction on how to work with Getty Images over the coming months. Please keep in mind, we are limited in how much detail we can share now, but you will find a brief FAQ attached with some additional information.

What if I decide not to sign?
We hope you will sign! If not, it will be understood that you are not interested in participating. We will stop accepting new content and terminate per the terms of your existing GILA agreement/s.

What actions should I take now?
- Please review the FAQs that follow this email.
- Be on the lookout for an email from contributorservices_noreply@gettyimages.com with your link to sign the agreement through ESP.
- Deadline for signing agreement: January 31, 2018.
We are pleased to bring you this good news and we hope you will join us in this next, exciting chapter for GILA.

Sincerely,
Fernando de Dios
Getty Images Latin America

Pancho Bernasconi
Getty Images



FAQ
1) Isn’t GILA already a part of Getty Images?
Although there are close ties between the companies, GILA and Getty Images have been independent businesses with independent ownership and control. GILA has operated as a master delegate and as part of that arrangement, was permitted to use the name “Getty Images Latin America” in a “doing business as” context.

2) When will my Getty Images contract take effect?
Until the last phase of the sale closes, your GILA contract will remain in effect. No content will be linked to your new Getty Images agreement initially. Instead, your GILA content will be legally assigned to your new Getty Images agreement when we formally close the final phase of the sale. The final close date is expected to be in the third quarter of 2017, and we will confirm that precise date in due course.

3) Should I continue to submit images to GILA as usual?
Yes, please continue to submit content as you have been.

4) How about new content? Can I start to submit new images under my new Getty Images Agreement?
Not until the final phase of the sale is complete. Any new content submitted will be under the terms of your existing GILA contract until transfer of ownership is final. When it is, Getty Images will link all previously submitted GILA content to your new contract.

5) What will happen to the GILA and LatinContent brand names and GILA websites?
GILA and the LatinContent brand names will be absorbed into the overall Getty Images brand, however GILA’s website www.gettyimageslatam.com will continue to service customers in Peru, Chile, Colombia, Argentina and Mexico, where localized billing is offered for the near future. While all other territories in the region, will be redirected to www.gettyimages.com. It is Getty Images intent that all sites will eventually be integrated and localized for all regions on GettyImages.com

6) Are you inviting all GILA contributors to sign a Getty Images Agreement?
It is very early in the process and we are still working through the fine detail, but the aim is to bring the best of GILA and Getty Image’s resources together to serve both our customers better.

7) Will employees be kept on?
The aim is to bring the best of each company’s assets and people together to serve both our customers better. However, as is the case with most acquisitions, there may be areas of duplication and overlap between Getty Images and GILA. Getty Images understands the importance of maintaining and developing a local voice with people who know the industry, know the region and understand the business. This will be top of mind as the two businesses plan integration.

8) What are the benefits of signing with Getty Images?
With over 20 years’ experience, Getty Images is the expert in digital media and content licensing with offices all over the world. They understand the importance of having a strong, local voice and are invested in continuing to support and elevate this voice in the interests of our customers and the local photographer community.

9) What will happen to the images I have online after I sign?
Your images are already available through Getty Images and will remain available. We will link them to your Getty Images account when the sale is final.

10) Will Getty Images keep all my GILA content or will it be edited?
We plan to continue marketing all images currently in the collection.

11) What will happen to my content at GILA if I decide not to sign?
If you choose not to sign, we will assume you do not want to go forward with Getty Images and we will terminate per the terms of your GILA agreement.

12) Will the content requirements or submission workflows change?
It is very early in the process and we are still working through these details, but you can expect your agreement with GILA to continue until at least August 1, 2017, and so no changes to any of these requirements or workflows should be expected before that date. We will share more with you as this process evolves.

13) Will there be any changes in payment processes or withholding after our content moves to Getty Images?
These and other details are still in the planning stages. We communicate all the necessary detail and information over the next few months.
GILA