Getty Forgets Times Are Tough and Buys JupiterImages for $96 Million in Cash

While dozens of technology and media firms are cutting back on expenses and staff, GettyImages is doing just the opposite. This afternoon, they announced the committment to purchase of JupiterMedia’s photo and image division, Jupiterimages, one of Getty’s largest competitors in the stock, event and archive photography business.

The purchase is set for $96 million, and gives JupiterMedia a much needed cash infusion, as their stock has lost more than 95% of it’s value over the last eight years, and not insignificant percentages of their remaining value over the last several weeks.

We’ve covered the exploits of Getty extensively over the years here at Mashable, because in addition to being the largest player in the world of providing content to producers both New Media and Old, they’ve also been a consistently quiet but persistent player in the Web 2.0 world, in both starting up Web 2.0 divisions of their own as well as being a purchaser for other startups looking for an exit.

Getty is no stranger to buying out Web 2.0 companies, themselves, having purchased Pump Audio last summer, and bought Scoopt about a year ago. They’re solidly in the music and citizen journalism business with both acquisitions, as well as being a solid friend to the independent and freelance journalist with their wire service (try hitting up any red carpet event without running into a Getty photographer).
This appears to be a role that they will continue to play given moves like the one today combined with the fact that they’re not exactly short on cash or resources following their acquisition by private equity firm Hellman & Friedman for $2.4 billion in cash.

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