Seattle - Getty Images (NYSE: GYI), a creator and distributor of stock photography and other media, announced on Monday that it has accepted a $2.4 billion buyout offer from private equity firm Hellman & Friedman.

Under the terms, Getty Images stockholders will receive $34 in cash for each share they own, a premium of 55% over the stock's closing price on Jan. 18 -- the day before the company announced it was exploring a possible sale -- and 39% premium over the stock's closing price on Friday.

"Our Board of Directors has thoroughly evaluated strategic alternatives for Getty Images and has determined that this outcome is in the best interests of our stockholders as it provides them with superior and certain value," said Jonathan Klein, co-founder and CEO of Getty Images.

"Just over a decade ago we started Getty Images with little more than a vision and have achieved industry leadership due to the extraordinary talent, effort and commitment of our employees and partners."

The transaction is expected to close in the second quarter of 2008.

Related Links:
http://biz.yahoo.com/bw/080225/20080225005756.html?.v=1

http://www.gettyimages.com