Getty Images is preparing to announce bankruptcy.

The management of the photo library says this will allegedly not affect employees or the service’s operations, The Hollywood Reporter writes.

The decision comes amid a deal with Shutterstock that fell through because of regulators and growing competition from generative AI, which allows users to create images themselves.

In the future, the company, which is expected to become private, plans to focus on photojournalism and developing its archive of real events.

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