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.