These days photography is playing on my mind. As an ex-professional snapper (film, of course) I hung up my Nikons in 1999 and haven’t been back since. I’m now of a certain age where I feel that same old uncontrollable urge to have a decent camera, so I’m going digital. In all the years that I haven’t been shooting a steady trickle of royalties has continued to hit my bank account, some of which was from Rex Features. Now, Rex was the subject of a take over bid by the global giant Getty. In stepped the UK Office of Fair Trading (OFT) which felt the acquisition would be anti-competitive.
As a registered Rex photographer, on Friday Mike Selby sent out the following email:
Dear Colleagues,
As you know, on 26th April we announced Getty Images’ intention to acquire Rex Features and its associated companies in the US. Getty Images voluntarily informed the Office of Fair Trading of the intended transaction to enable the OFT to carry out an investigation in advance of the deal being completed. Following its investigation, the OFT has decided to refer the proposed transaction to the Monopolies and Mergers Commission for competition clearance.
Although the MMC may ultimately have cleared the deal, we feel that the six- to eight- month process which would be carried out by the Commission would be too disruptive and unsettling for our loyal staff and suppliers who have already had to endure weeks of uncertainty. We have therefore decided to call off the proposed merger and the acquisition will not now be going ahead.
Rex was never actively seeking a buyer, and we are not seeking one now. With the deal off we will continue to do what we have been doing all along — give photographers and photo users in the UK and around the world a service which is second to none.
The fact that the OFT had reason to refer the proposed transaction to the MMC is in itself an indication of Rex Features’ strength and confirmation of the Company’s leading position in the market. We had many calls from clients today after the decision, welcoming the news and the fact that Rex is going to continue to be there as their independent picture source of choice.
Our staff have been working as normal all through this period and we will continue to work as hard as ever, to compete effectively with our many industry rivals, and to build on the more than half a century of history and reputation with which the name Rex Features is synonymous.
We would like to thank you for your patience, loyalty and support over the past few weeks in particular and look forward to a successful and long-lasting relationship.
With best regards,
John, Mike & Sue Selby and Martin Hillier
8 July 2010
Rex Features Ltd
18 Vine Hill
London
EC1R 5DZ
UK
Tel: +44-(0)20-7278 7294
Fax: +44-(0)20-7837 4812
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- Getty Images withdraws from buying Rex Features (newstatesman.com)
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