US firm Shutterstock, a leading provider of commercial digital imagery and music, yesterday agreed to buy British photographic press agency Rex Features.
The New-York based firm will pay $33m (£21.7m) for Rex, which is the largest independently-owned photographic press agency in Europe.
Based in London, Rex provides media companies and advertisers with current affairs images and videos. It operates a live feed of edited celebrity, entertainment and news images, along with a multi-decade archive of images.
“The acquisition of Rex Features marks our substantive entry into editorial imagery – a new market for Shutterstock with significant potential and many opportunities to better serve global media companies,” said Jon Oringer, Shutterstock founder and chief executive officer.
Larry Lawson, managing director of Rex Features, added: “Given Shutterstock’s volume leadership in commercial imagery and Rex’s history of meeting customers’ editorial needs, we are excited about what Rex and Shutterstock can accomplish together.”
BEHIND THE DEAL: CAVENDISH CORPORATE FINANCE | LINDA SULLIVAN
1 Sullivan was appointed the first female director of Toronto Stock Exchange-quoted multinational company GEAC Computer Corporation, and has over 25 years’ experience advising a wide range of UK and US media and technology clients.
2 Since joining Cavendish in 2011, as partner and head of media and digital, she has led a number of deals in the media, digital and sport sectors, most recently the sale of Opta to Perform Group, Double Helix to Interpublic Group, the Communications Agency to Communisis.
3 Sullivan has a particular fondness for the Isle of Wight, where she owns a coastal farm with her partner Chris Innis, the media entrepreneur and former strategic director of Emap.