SEATTLE—The world's largest stock photo and digital media agency, Getty Images, announced yesterday that it has entered into an agreement to purchase stock photo agency Jupiterimages, the third largest stock agency after Getty and Corbis, for $96 million in cash.

"The digital content market is expanding, and the customers of both Getty Images and Jupiterimages will benefit from the combination of these businesses," said Jonathan Klein, CEO of Getty Images, in a released statement. "Jupiterimages' customers already appreciate its value-based offerings, and through this acquisition we will be able to offer more content, better technology, more customer service and additional local content."

Getty Images will retain the Jupiterimages brand and website.

 

Following the sale of Jupiterimages to Getty Images, Jupitermedia will continue to operate its online media business, which includes internet.com and EarthWeb.com for IT and business professionals; DevX.com for developers; and Mediabistro.com and Graphics.com for media and creative professionals.

"We believe that this transaction will be beneficial to Jupitermedia and its stockholders, both in the near term and the long run, as it will allow Jupitermedia to pay off all of its bank debt. Upon closing of the transaction, we will continue focus on the further development and growth of our Online Media division," stated Alan Meckler, Jupitermedia's chairman, CEO and a significant stockholder, in his company's press release.

Stay tuned for more on this developing story. Contact: www.gettyimages.com; www.jupiterimages.com