Getty Images, Inc, the photo and video distributor to media outlets worldwide, confirmed in response to media reports this week that that said it is in talks with interested parties to pursue strategic alternatives.
The Seattle-based firm said its Board of Directors has retained Goldman, Sachs & Co. as its financial partner and secured the legal advice of Weil, Gotshal & Manges LLP to help evaluate those alternatives.
Getty said it is long-standing policy not to confirm or deny market rumors, but it did so on Tuesday.
Shares of Getty rose 13 percent, or $2.84, to close at $24.78.
Yesterday, the New York Times said that private equity firm Kohlberg Kravis Roberts and Bain Capital were in talks with Getty to buy it for up to $1.5 billion.
Getty said that while discussions are taking place there could be no assurance of timing, structure, price or terms of any transaction.
The company said it does not plan to update the market about the activities until its Board deems it appropriate.