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Corbis, VCG and Getty Images: Transition Updates

Dear Valued Contributor,

We appreciate your patience and wanted to provide an update on the transition process.

First a quick recap on the key elements of this transition:

• Corbis has announced the sale of the Corbis Images (excluding Splash), Corbis Motion, and Veer licensing businesses to Unity Glory International, an affiliate of the Visual China Group (VCG), a leading Chinese visual communications and new media business.

• Following this transaction, VCG is expanding its longstanding partnership with Getty Images, and, after a transition period, Getty Images will become the exclusive distributor of Corbis content outside China.

What’s next?

• Over the coming weeks, select content from the Corbis collections will be identified and invitations will be extended for migration of those files to Getty Images.

• If your content is selected and you already have an active contract with Getty Images, you will be asked to e-sign a letter authorizing Getty Images to move content selected for migration to your existing Getty Images’ agreement.  Getty Images will begin distributing these letters this week and will continue for several weeks.

• For those of you whose content is selected who do not currently work directly with Getty Images, you will be offered a direct contract with Getty Images that will apply to migrated content and any new submissions you choose to make going forward to Getty Images.  Distribution of these contract invitations will begin in late February and will continue for several weeks.

• In calculating royalties, you will be treated the same as any other Getty Images’ direct contributor.  There will be no additional deductions in license fees or royalties for participants in this transition.

• During this transition period, all content will continue to be available through Corbis, and, as it’s migrated, content will also become available through Getty Images.  Any licensing activity during this time will fall under your respective agreements with Corbis and Getty Images, and royalties will be paid by the two separate entities through their standard processes. For clarity, Corbis will pay royalties on licenses via the Corbis website and Getty Images will pay royalties on licenses via the Getty Images website.

Again we’d like to thank you for your patience as we work through this transition process. The Corbis team greatly appreciates the partnership we’ve shared over the years, and the Getty Images team is very excited to represent the rich catalog of Corbis content and the talented contributors who have created it going forward.

Sincerely,

The VCG, Corbis and Getty Images Content Teams