Getty Images for bankruptcy, private in restructuring deal

Affiliates of Charles Koch Investments have committed up to $533 million in new capital for the photo provider.

In its most recent earnings call in August, Peters said the company spent "more than $100 million in professional fees and financing costs to pursue what we believe is a strategic transaction" with Shutterstock that ultimately did not happen.

In an investor presentation on Monday, the company revealed that its iStock e-commerce business has seen "a decline in agency demand and disruption," likely due to the rapid adoption of AI tools and products that have made it easier to create stock images.

Affiliates of Koch Equity Development have committed up to $533 million in new equity to help the image provider transform from a public company to a private company. "The cornerstones of our success are the long-standing commitment of our customers and partners, the deep expertise and creativity of our team and content contributors, and the uniqueness of our archive," CEO Peters said of the deal.