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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event Reported): September 29, 1998
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GETTY IMAGES, INC.
(Exact Name of Registrant as Specified in its Charter)
DELAWARE 000-23747 98-0177556
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification Number)
2101 FOURTH AVENUE 101 BAYHAM STREET
FIFTH FLOOR LONDON NW1 0AG
SEATTLE, WASHINGTON 98121 ENGLAND
(206) 695-3400 (011 44 171) 544-3456
(Addresses, including zip code, and telephone numbers,
including area code, of principal executive offices)
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ITEM 5. OTHER EVENTS.
(i) Reference is made to the press release issued to the public by the
Registrant on September 29, 1998, the text of which is attached hereto
as Exhibit 99.1, for a description of the events reported pursuant to
this Form 8-K.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS.
EXHIBITS.
(c) 99.1 Text of press release dated September 29, 1998.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
DATE: September 30, 1998 GETTY IMAGES, INC.
By: /s/ LAWRENCE GOULD
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Name: Lawrence Gould
Title: Chief Financial Officer
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INDEX TO EXHIBITS
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EXHIBIT DESCRIPTION PAGE
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99.1 Text of press release dated September 29, 1998......... 5
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COMPANY PRESS RELEASE
GETTY IMAGES ANNOUNCES BOARD CHANGE
LONDON--(BUSINESS WIRE)--Sept. 29, 1998--Getty Images
(NASDAQ: GETY - NEWS), the leading international provider of visual content,
today announced that Mark Torrance has resigned as Co-Chairman for purposes of
assuming the new position of non-executive Vice Chairman. In addition, the Board
has created a new committee to oversee the strategic development of the Group
and Mr. Torrance has agreed to serve on this committee. Mark Getty, who had been
Co-Chairman of the Board, will assume the role of Chairman.
Mr. Torrance was the founder and major shareholder of PhotoDisc, the leading
provider of royalty-free imagery on the Internet, which was acquired by Getty in
February 1998. Mr. Torrance became Co-Chairman of Getty at the time of the
acquisition.
Commenting on today's announcement, Mr. Torrance said, "I'm pleased to be able
to continue to serve Getty in a strategic role as non-executive Vice Chairman of
the board and to sit on the newly created committee to oversee the strategic
development of Getty Images. Getty has positioned itself well for the future and
I am excited to remain a part of it."
Mark Getty said, "The acquisition of PhotoDisc was a tremendous step forward for
the company and it has exceeded expectations since it was acquired. Mr. Torrance
played a vital role in the success of PhotoDisc and developed a strong
management team which continues to run PhotoDisc. We are pleased that Mark will
continue to contribute to the strategic development of the company and remains a
member of Getty's board."
Description of Getty Images, Inc.
Getty Images (NASDAQ: GETY - NEWS) is one of the leading international providers
of visual content to a diverse range of professional users of images, including
advertising and design agencies, magazines, newspapers, broadcasters, production
companies and traditional and new media publishers. Getty Images markets rights
to images and footage through its international network of wholly owned offices
in London, Chicago, New York, Los Angeles, Seattle, Toronto, Munich, Hamburg,
Paris, Amsterdam, Brussels, Copenhagen, Stockholm, Vienna, Barcelona, Sydney,
Tokyo and Hong Kong and agents in 54 countries. Getty Images' high quality
visual content collections are: (i) Tony Stone Images, one of the world's
leading providers of contemporary stock photography; (ii) PhotoDisc, a world
leader in digital stock photography and electronic delivery; (iii) Allsport, a
leading world-wide sports picture agency; (iv) Hulton Getty, one of the two
largest privately owned collections of archival photography in the world; (v)
Liaison Agency, a leading North American news and reportage agency; and (vi)
Energy Film Library, one of the world's leading stock footage companies. Further
information is available from the group's website at www.getty-images.com.
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Contact:
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Jonathan Klein
Chief Executive Officer
Getty Images
011-44-171-544-3456
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Jim Prout (Financial)
Taylor Rafferty Associates
212-889-4350
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Madeline Hardart (Media)
Hill & Knowlton
212-885-0417
