Getty Images Acquires Stock Photography Firm PunchStock
Seattle - Getty Images, a licensor of stock photography, announced that it has acquired PunchStock, a Wisconsin-based stock image provider. Financial terms of the deal were not disclosed.The acquisition follows the company's recent purchases of fellow image providers iStockphoto and Scoopt. Seattle-based Getty Images also announced that it has named Craig Peters to head a new unit that will license video footage and other multimedia content. Peters formerly served as senior vice president of new media and strategic development at WireImage parent company MediaVast, another recent Getty Images acquisition. Finally, Getty Images said it will take a charge of between $28 million and $32 million to account for errors found in its stock option granting practices from 1998-2006. The company said an internal investigation found no evidence of wrongdoing in the matter by current employees or management.
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