November 26, 2018 / 3:18 PM / 21 days ago

Koch Industries unit invests $500 million in Getty Images

FILE PHOTO: Co-founder and Chief Executive Officer of Getty Images Inc. Jonathan Klein arrives at the 2015 Vanity Fair Oscar Party in Beverly Hills, California February 22, 2015. REUTERS/Danny Moloshok

(Reuters) - U.S. photo agency Getty Images Inc said on Monday it received a $500 million investment from a unit of Koch Industries.

Koch Equity Development, the investment arm of Koch Industries, will have no input into its content or editorial coverage, Getty Images said.

Founded in 1995 by Mark Getty and Jonathan Klein, Getty has had to adapt to a shift in the media industry from print to online, where prices for images are lower.

Earlier in September, Getty family said it would acquire Carlyle Group LP’s (CG.O) majority stake in Getty Images, ending ten years of private equity control that contributed to the agency’s debt pile swelling.

The Carlyle deal valued Getty at slightly below $3 billion, including debt, a source had told Reuters.

Reporting by Sayanti Chakraborty in Bengaluru; Editing by Anil D'Silva

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