Shutterstock wound up buying both companies.
As company founder-CEO Jon Oringer explained today on Bloomberg TV, his firm initially approached music licensing service PremiumBeat and European photo agency Rex Features only for potential partnerships. But at this early stage of the new year, he now owns both.
“Sometimes, along the way of talking about a partnership, M&A discussions can come up,” he explained to Bloomberg. “We initially wanted to [just] sell Rex’s images to our big media agency clients and subscribers. They’re experts in merchandising… They also have amazing relationships with their suppliers… This gets us much further ahead in the editorial market.”
And make no mistake. This is another striking example of Old Media being gobbled up by New Media. Rex Features, Europe’s largest photo syndication outfit (with offices in London and Los Angeles) was founded in 1954.