From Press Gazette
Picture agency London Features International has been acquired by the investment vehicle of sports photographer David Jacobs, Imvest Ltd, following the company going into administration last month.
LFI is Jacobs’ first major acquisition, which he said is a fresh start for the image library, which went into administration following a law suit that was taken out for a potential breach of copyright by one of the contributing photographers.
Jacobs has not re-hired any of the current staff full time at this early stage, and is employing them on short-term contracts until he can establish the “viability of the business moving forward”. He said: “At the moment we donâ€™t know what the revenues of the business are. When I know that Iâ€™ll know whether weâ€™ll be able to afford their salaries but donâ€™t want to commit to anyone, which is part of making sure that weâ€™re seen to be as transparent as possible.”