Fast Lane To Success: Getty Snaps Up Motorsport Images, Accelerates Customer Offerings

Author: Nabaparna Bhattacharya | April 02, 2024 11:37am

Getty Images Holdings, Inc. (NYSE:GETY) shares are trading lower on Tuesday.

The company has acquired Motorsport Images, including its operative arm LAT Images and Sutton, Schlegelmilch, Colombo, and Dukes Video archives.

With the development, Getty acquires Motorsport Images’ talent and archive, bolstering its presence in the motorsport industry and expanding its customer offerings.

“Their impressive archive of iconic imagery and video will expand upon our premium motorsport offering to Getty Images’ global customer base,” said Craig Peters, Chief Executive Officer, Getty Images. 

Motorsport Images is the home of motoring and motorsport history, tracing its beginnings back to 1895, with an archive of over 29 million images and more than 8,900 hours of premium video footage.

Motorsport Images content will be online at gettyimages.com from May 3, 2024, where customers can find both Getty Images and LAT Images coverage of the Miami Grand Prix. Motorsportimages.com will also continue to service its customers.

GETY stock has lost over 32% in the last one year. Last month, the company reported quarterly sales of $225.94 million, which beat the analyst consensus estimate of $216.46 million by 4.38%, according to Benzinga Pro.

In its quarterly report, Getty Images said it expects fiscal year 2024 revenue of between $928 million and $947 million.

“In 2023, we remained fiscally disciplined, generated healthy levels of free cash flow, and ended the year with a strong balance sheet,” said Jenn Leyden, CFO of Getty Images said in a press release dated March 14.

“And as we look to 2024, we believe that we are well positioned to return to top-line growth while remaining fiscally disciplined to continue to deliver healthy profitability,” Leyden added.

Price Action: GETY shares are trading lower by 1.95% to $4.02 on the last check Tuesday. 

Posted In: GETY