Crestock Acquires Corbis for $625 millions
The acquisition has been driven by a Scandinavian group of investors as well as the Norwegian government fund organization: Innovation Norway. The move is also supported by the European Union's Media II Programme, whose purpose is to encourage the development and distribution of European audiovisual works.
Corbis was privately held by its Chairman, Bill Gates, who founded the company in 1989. Corbis offers a preeminent collection of more than 100 million creative, entertainment and historic images. Based in Seattle, Corbis serves more than 50 countries worldwide. The revenue for 2006 was $251 million.
This is a key strategic business decision for us," Corbis CEO Gary Shenk says, and continues: "The stock photography business of today is very different than in 1989, when our company was founded, not the least because of the growth in the microstock market segment, such as Crestock and SnapVillage ...
Corbis and Veer will continue to operate as separate brands, while SnapVillage, Corbis' 2007 attempt at entering the micro payment stock photography market, will be merged with the Crestock brand. The office in Seattle will remain, but a new head quarter will be established in Europe, most likely in London or in Paris