By Daryl Lang
London Features International, the struggling celebrity and
entertainment photo agency, is being rebuilt under a new
owner.
Imvest Ltd., an investment company owned by sports photographer
David Jacobs, finished acquiring the U.K. assets of London
Features last week, Jacobs says.
London Features had been put into administration – similar to
bankruptcy – because of a court action against its former owners,
including director
John Halsall, according to Jacobs.
Jacobs has already hired a new manager to run the agency:
James
Claydon, who previously managed the European operation of Getty
Images-owned WireImage. Jacobs says the agency will maintain its
existing relationships with contributing photographers.
"We're really excited pushing forward," Jacobs said. "It's been
absolutely nonstop so far."
Jacobs is the founder of Action Images, a successful sports photo
agency that Reuters purchased in 2005. Jacobs stayed with Reuters
until September of last year.
Jacobs would not disclose how much he paid for London Features. He
says the deal includes the company name and its wholly owned
archive. The purchase does not include the debts of the U.S.
operation of London Features, which closed its one office in New
York earlier this year.
London Features, which supplies photos to celebrity magazines and
other publications, has had a hard time competing with bigger
agencies.
"We can't compete with American multimillionaires, unfortunately,"
London Features owner Halsall told PDN in February, when the New
York office was shuttered. He said magazines were opting for
cheaper photos, and Getty's prices were undercutting his agency.
Assets of London Features Sold to Action Images Founder
Aug 14, 2008
By Daryl Lang
London Features International, the struggling celebrity and entertainment photo agency, is being rebuilt under a new owner.
Imvest Ltd., an investment company owned by sports photographer David Jacobs, finished acquiring the U.K. assets of London Features last week, Jacobs says.
London Features had been put into administration – similar to bankruptcy – because of a court action against its former owners, including director John Halsall, according to Jacobs.
Jacobs has already hired a new manager to run the agency: James Claydon, who previously managed the European operation of Getty Images-owned WireImage. Jacobs says the agency will maintain its existing relationships with contributing photographers.
"We're really excited pushing forward," Jacobs said. "It's been absolutely nonstop so far."
Jacobs is the founder of Action Images, a successful sports photo agency that Reuters purchased in 2005. Jacobs stayed with Reuters until September of last year.
Jacobs would not disclose how much he paid for London Features. He says the deal includes the company name and its wholly owned archive. The purchase does not include the debts of the U.S. operation of London Features, which closed its one office in New York earlier this year.
London Features, which supplies photos to celebrity magazines and other publications, has had a hard time competing with bigger agencies.
"We can't compete with American multimillionaires, unfortunately," London Features owner Halsall told PDN in February, when the New York office was shuttered. He said magazines were opting for cheaper photos, and Getty's prices were undercutting his agency.
