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Getty Images set the photo world talking last month when it announced it was putting itself up for sale. Now, according to this report in the New York Times, the sale is off. Apparently Getty couldn’t find a buyer.
The Times reports that Getty received no bids above its current market value of $1.6 billion. The timing for the announced sale was terrible, coming just in time for the current economic slowdown, which may or may not officially be a recession. At any rate, the tight credit market means that private equity firms like Bain Capital and Kohlberg Kravis Roberts can’t get the money they need to do big buyouts. Maybe this will turn out to be good thing.–David Schonauer