VCG snaps up photo giant Corbis Images

Deal a 'significant milestone' in firm's globalization plan

Visual China Group, China's largest image licensing company, said it would take a leading position in the image industry and expand its business portfolio globally after acquiring Corbis Images, the world's second-largest photo collection established by Microsoft Corp co-founder Bill Gates in 1989.

Unity Glory International Ltd, an affiliate of VCG, acquired the assets and brands of US-based Corbis Images for less than $100 million. Under the terms of the agreement, Unity Glory will own and manage the images and motion archives, names and trademarks associated with Corbis Images, Corbis Motion and the company's Veer licensing brands.