Getty Images is not proceeding with the acquisition of UK based stock photography agency REX after a negative finding from the OFT.
Getty Images released the following statement
We are disappointed that our proposed acquisition of Rex Features has been referred to the Competition Commission and we respectfully disagree with the preliminary concerns expressed by the Office of Fair Trading. Given the distraction that this next phase could potentially bring to both Getty Images and Rex Features and the parties’ desire to focus their business resources on the production and delivery of high quality services to their customers, we have decided not to pursue this acquisition any further. We still believe Rex Features to be a strong and valuable business and we wish the Rex Features team the very best in the future.