Getty Images has filed for bankruptcy

Getty Images has announced its intention to file for bankruptcy and go private as part of a restructuring agreement. The company expects to complete the process before the end of the year, Reuters reported.

Getty plans to begin expedited Chapter 11 bankruptcy proceedings in the coming weeks. The decision comes after a planned merger with rival Shutterstock collapsed amid high debt loads and growing competition from artificial intelligence images.

Upon completion of the restructuring, 100% of Getty will be owned by affiliates of the Getty family and Koch Equity Development. Investors also pledged to provide up to $533 million in new equity.