LONDON - Getty Images (NYSE: GETY), a leading provider of visual content, has announced the acquisition of Motorsport Images, a significant archive in the realm of motorsport photography and video. The deal includes the renowned LAT Images and its associated Sutton, Schlegelmilch, Colombo, and Dukes Video archives.
Motorsport Images boasts an extensive collection, with over 29 million images and more than 8,900 hours of video footage, documenting pivotal moments in motorsport history dating back to 1895. This includes coverage from every Formula 1 Grand Prix since the first race in 1950 and landmark events like the first French Grand Prix and the inaugural Le Mans 24-hour race.
The acquisition is set to enhance Getty Images' offerings in the motorsport sector, adding to its already robust sports coverage that spans over 50,000 events each year. Getty Images serves as the official photographer or photographic partner to numerous prestigious sports organizations, including FIFA, the International Olympic Committee, and Formula 1.
Craig Peters, CEO of Getty Images, expressed enthusiasm about the acquisition, noting the shared commitment to capturing the greatest moments in motorsports. Steven Tee, Managing Director of Motorsport Images, also remarked on the new chapter for his team, emphasizing the enhanced content and services that will now be available to their customers.
The integration of Motorsport Images' content will be available on the Getty Images website starting May 3, 2024, coinciding with the coverage of the Miami Grand Prix. Motorsportimages.com will continue to serve its existing customer base.
This strategic move by Getty Images is expected to offer its global customer base an expanded array of premium motorsport visual content, reinforcing its position as a comprehensive source for sports imagery. The information for this news article is based on a press release statement.
InvestingPro Insights
As Getty Images (NYSE: GETY) gears up to integrate the vast collection from Motorsport Images, investors are watching the company's financial health and market performance. According to InvestingPro data, Getty Images currently holds a market capitalization of $1.66 billion, reflecting its significant presence in the visual content industry. Despite a slight revenue decline of 1.05% over the last twelve months as of Q4 2023, the company maintains a strong gross profit margin of 72.7%, indicating its ability to retain a substantial portion of sales as gross profit.
InvestingPro Tips suggest that Getty Images is trading at a P/E ratio of 28.06, adjusted for the last twelve months of Q4 2023, which is low relative to near-term earnings growth projections. This could signal an attractive valuation for investors considering the company's expected profitability this year. Additionally, while Getty Images does not pay a dividend, analysts are optimistic about its net income growth prospects. However, investors should note that the stock has experienced significant volatility, with a six-month price total return of -35.94%.
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