Katz Pictures, one of the UK’s most successful photo agencies of the last decade, is under negotiation for sale to Hachette, the largest magazine publishing house in the world.
This would make Katz the second major independent UK photo agency to be bought in the last six months: Colorific were acquired by Getty Images in March.
Although the terms of the deal remain secret, EPUK understands that the intention is to merge Katz with Frank Spooner Pictures (FSP) as part of Gamma, who are in turn owned by Hachette.
It is believed that Katz and FSP plan to share premises and resources, meaning that one or both of the current offices will be closed, presumably leading to layoffs in office staff and a possible reduction in the number of contributing photographers.
Meanwhile Gamma are planning to open their own New York office, a move which will result in a likely termination of any current syndication agreements between Katz, FSP and their respective US agents.
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