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Getty Images files for bankruptcy protection as AI disrupts stock photography industry

Getty Images filed for Chapter 11 bankruptcy protection on Wednesday as the stock photography giant contends with heavy debt and the rise of AI image generators.

The filing listed assets and liabilities of $1 billion to $10 billion and more than 100,000 creditors, but Getty plans a restructuring that takes it private, backed by up to $533 million from Getty family members and Koch Equity Development affiliates. Getty had about $2.1 billion in debt at the end of June, and it delayed interest payments due Sept. 1 before paying them within the grace period, though it says suppliers will be paid in full and operations will continue as normal.