For sale: One Web-ravaged business, now available at fire-sale prices. The NYT reports that bankers for photo agency Getty aren’t finding takers for the company, at least at its current $1.6 billion market cap. GYI is up 21% since the company put itself on the block, but KKR, Bain and Providence all remain unconvinced at those prices the paper says.
The NYT blames the usual suspects: The Internet, which has provided a bounty of images to publishers for little or no cost, and the decimated credit markets, which have cut off cheap money.
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