PA Media Group diversifies into stock images with acquisition of Alamy
PA news agency owner PA Media Group has acquired stock images company Alamy for an undisclosed sum.
Founded 20 years ago, Alamy has a supply of almost 200 million photographs and 100,000 customers across 150 countries.
The deal represents the first time that PA has entered the stock imagery market and is in line with its strategy of diversifying its business.
Alamy will complement PA Media Group's editorial picture syndication business, PA Images, whose archive charts more than 100 years of British history, along with royal, entertainment, sport and news photography.
Clive Marshall, Chief Executive of PA Media Group, said Alamy had created "a fantastic ecosystem of content creators and content users around a superior e-commerce platform".
He added: "This transformational acquisition will significantly increase our customer base and provide the PA Media Group with a strong presence in the international market for the first time."
Alamy co-founder James West will step down as chief executive and join the board in an advisory position, while fellow co-founder Mike Fischer will leave his role as chairman.
West said PA was a "natural home" for Alamy.