Magnum Photos is today getting some outside help via investors according to a press release made public today. It’s the first time in the company’s history that they’re getting outside investor help. To do this, a new subsidiary was formed called Magnum Global Ventures with a majority of its ownings by the cooperative. Along with the cooperative, investors Nicole Junkermann and Jörg Mohaupt are joining the board.
Interesting, right? Sometimes when investors come on board, things can get scary. But in a situation like this, more money is needed as photojournalism, news and photography is in a place where we’re all looking for more funding. Considering that the majority of the holdings are by the cooperative, we can surely believe that things probably will stay true to the Magnum roots as they go through an evolutionary process. The rest of the press release is after the jump.
MAGNUM PHOTOS ANNOUNCES FIRST OUTSIDE INVESTMENT
- New money will allow Magnum to invest in its future
- New subsidiary, Magnum Global Ventures (MGV), established that is majority owned by the cooperative
- Nicole Junkermann and Jörg Mohaupt to join board of MGV
London, 13th June 2017 – Today Magnum announces that it will take outside investment for the first time in its 70-year history, to drive its creative and commercial businesses to a new level.
Over the last three years, the iconic photographic cooperative has invested heavily in digital and content development. The capital injection and global expertise of its new investors will allow the agency to take advantage of new editorial and commercial opportunities afforded by digital technology.
The two investors, Nicole Junkermann and Jörg Mohaupt, will invest in a newly created subsidiary, Magnum Global Ventures (MGV), which will lead the agency’s modernisation and innovation strategy.
Both investors will join MGV’s board, alongside four representatives of the cooperative and Magnum Chief Executive David Kogan. Nicole Junkermann and photographer Thomas Dworzak, currently Magnum’s Vice President in Paris, will serve as co-chairs of the board.
The new subsidiary will manage and control all of the agency’s assets. Members of the cooperative continue to have full control over their intellectual property, including copyright of all imagery, and over the admission of new members.
David Kogan, CEO of Magnum Photos commented:
“Magnum Photos celebrates its 70th anniversary with the creation of a company that allows us to plan for the future. We are already creating new opportunities for the photographers and the business of Magnum.
“Our two new investors have stellar backgrounds in the global sectors of media, music, intellectual property and technology. We welcome them for their expertise and know that they can add a huge amount to the development of the agency.”
Nicole Junkermann said: “I will never forget seeing a Magnum photograph of the 1989 Tiananmen Square protests. It captured a moment in history so powerfully that it has left a lasting impression on me.
“Today, the role of Magnum and its photographers is ever more important in an increasingly visual world. The Magnum brand stands for integrity, creativity and authenticity.
“I’m excited by the opportunity to work with an incredible group of people and to introduce a new generation to Magnum photography in innovative ways that help to blend the old with the new.”
