UNITED STATES SECURITIES AND
EXCHANGE COMMISSION

Washington, D.C. 20549



Form 10-K/A



ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For The Fiscal
Year Ended December 31, 2006

Commission File Number: 001-31516



GETTY IMAGES, INC.



(Exact Name of Registrant as Specified in its Charter)



|                                                               |  |                                     
|-------------------------------------------------------------- |  | ------------------------------------
|DELAWARE                                                       |  | 98-0177556                          
|(State or Other Jurisdiction of Incorporation or Organization) |  | (I.R.S. Employer Identification No.)



601 NORTH 34TH STREET

SEATTLE, WASHINGTON 98103

(Address of
Principal Executive Offices)



REGISTRANTS TELEPHONE NUMBER,
INCLUDING AREA CODE: (206) 925-5000



SECURITIES REGISTERED
PURSUANT TO SECTION 12(B) OF THE ACT:



|                                              |  |                                                   
|--------------------------------------------- |  | --------------------------------------------------
|Title of Each Class                           |  | Name of Exchange on which Each Class is Registered
|                                              |  |                                                   
|Common Stock, par value $0.01 per share       |  | New York Stock Exchange                           
|Convertible Subordinated Debentures, Series B |  |                                                  



SECURITIES REGISTERED PURSUANT
TO SECTION 12(G) OF THE ACT: NONE



Indicate by check mark if the registrant is a
well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes x No  ̈



Indicate by check mark if the registrant is not required to file reports pursuant to Section 13
or Section 15(d) of the Exchange Act. Yes  ̈ No x



Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90
days. Yes x No  ̈



Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be
contained, to the best of registrants knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. x



Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of accelerated filer and large
accelerated filer in Rule 12b-2 of the Exchange Act. (Check one):



|                          |  |                     |  |                        
|------------------------- |  | ------------------- |  | -----------------------
|Large accelerated filer x |  | Accelerated filer  ̈ |  | Non-accelerated filer  ̈



Indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ̈ No x



The aggregate market value of the voting and non-voting stock held by non-affiliates of the registrant
was approximately $3.3 billion as of June 30, 2006 (the last business day of the registrants most recently completed second fiscal quarter) based upon the closing price of the registrants common stock of $63.51 as reported by the
New York Stock Exchange on such date.



As of April 30, 2007, the registrant had
59,222,196 shares of Common Stock outstanding.



DOCUMENTS INCORPORATED
BY REFERENCE



None.



An Index to Exhibits appears at Part IV, Item 15, page 3.



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EXPLANATORY NOTE



This Amendment No. 1 on Form 10-K/A (this Amendment) amends our Annual Report on Form 10-K for the fiscal year ended December 31, 2006 as filed with the
Securities and Exchange Commission on June 13, 2007 (the Original Filing). This Amendment is being filed solely to correct certain information regarding shares of our common stock beneficially owned by Getty Investments L.L.C.
(Getty Investments) contained in Item 12 of Part III. Footnotes 2, 7 and 8 of the beneficial ownership table in Item 12 of Part III have also been revised. The Original Filing had erroneously included the shares owned by
the October 1993 Trust (the 1993 Trust) and the Abacus Trust Company (Isle of Man) as Trustee of the J D Klein Family Settlement (Abacus) pursuant to the Getty Parties Shareholders Agreement in the total number of
shares owned by Getty Investments. The Getty Parties Shareholders Agreement expired in accordance with its terms prior to the date of the Original Filing. Accordingly, the shares owned by the 1993 Trust and Abacus are no longer deemed
beneficially owned by Getty Investments.



In addition, we are including with this
Amendment currently dated Section 302 certifications.



Except as described above,
no other changes have been made to the Original Filing. This Amendment continues to speak as of the date of the Original Filing, and we have not updated the disclosures contained therein to reflect any events that occurred subsequent to the date of
the Original Filing. The filing of this Amendment is not a representation that any statements contained in this Amendment are true or complete as of any date subsequent to the Original Filing.



Item 12 of Part III as amended:



ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED
STOCKHOLDER MATTERS



Under the Getty Images, Inc. 2006 Incentive Plan (the
Plan), the Board of Directors has the discretion to grant restricted stock units (RSUs), stock options with exercise prices equal to no less than the market price of our common stock on the grant date and other stock-based
awards. In connection with the adoption of Statement of Financial Accounting Standards No. 123(R), Share-Based Payments, we have generally shifted from issuing stock options to issuing RSUs.



RSUs generally have a four-year vesting schedule, with 25% vesting on each anniversary of the grant
date. Stock options generally have a 10-year term and a four-year vesting schedule, with 25% vesting on the first anniversary of the grant date and a pro rata portion vesting monthly over the remaining three years. On September 15, 2005, we
granted 795,000 fully vested stock options to senior management, many of whom had not received equity grants in several years. We also granted stock options to our chief executive officer in the second quarter of 2006 that vest over four years, with
20%, 20%, 20% and 40% vesting on each subsequent anniversary of the grant date. Stock options become exercisable when vested and remain exercisable through the remainder of the term except that we generally cancel options 90 days after the date of
termination of the recipients employment or service with us.



A total of
16 million shares are authorized for issuance under the Plan. Shares under RSUs, stock options and other stock-based awards that lapse due to cancellation or expiration are available for re-issuance. Stock options become exercisable when vested
and remain exercisable through the remainder of the term except upon termination of employment, in which case the options generally terminate 90 days after the employees termination date.



Below is a summary of stock-based awards outstanding and available for future issuance at
December 31, 2006:



|                                                           |  |                                                                                                |  |                                 |       |                                            |           | 
|---------------------------------------------------------- |  | ---------------------------------------------------------------------------------------------- |  | ------------------------------- | ----- | ------------------------------------------ | --------- | 
|Plan Category                                              |  | Number ofSecurities tobe IssuedUpon Exerciseof StockOptions andVesting ofRestrictedStock Units |  | Weighted Average Exercise Price |       | Number ofSharesAvailable forFutureIssuance |          
|                                                           |  |                                                                                                |  |                                 |       |                                            |           | 
|                                                           |  |                                                                                                | 
|Equity compensation plans approved by security holders     |  | 4,142,084                                                                                      |  | $                               | 46.75 |                                            | 1,821,260 | 
|Equity compensation plans not approved by security holders |  | 16,666                                                                                         |  |                                 | 15.80 |                                            |          | 
|                                                           | 



The 16,666 shares in the table above represent
options remaining under grants made outside of the Plan in 2001 to three non-executive members of our Board of Directors. The terms of these options are substantially identical to those granted under the Plan.



Of the 4,142,084 securities to be issued upon exercise of options outstanding under the Plan, 915
shares under options were assumed in connection with business combinations. The weighted average exercise price of these assumed options is $9.88.



1







---



The formula used to calculate the 1,821,260 shares
under stock-based awards available for future issuance is the total 16 million shares authorized for issuance under the Plan less stock-based awards granted under the Plan, not including those assumed in connection with business combinations,
plus stock-based awards that have lapsed.



The following table sets forth certain
information with respect to beneficial ownership of shares of our common stock as of April 30, 2007, (i) for each person who is known by us to own beneficially more than 5% of the shares of outstanding common stock, (ii) for each
Director of Getty Images, (iii) for each of our executive officers named in the Summary Compensation Table of this Annual Report on Form 10-K, and (iv) by all Directors and executive officers of Getty Images as a group. Calculations are
based on a total number of outstanding shares of 59,222,196, as of April 30, 2007.



Amount and Nature of Beneficial Ownership



|                                                                 |  |                                                |  |                 |  |                           
|---------------------------------------------------------------- |  | ---------------------------------------------- |  | --------------- |  | --------------------------
|Names                                                            |  | Number ofShares ofGetty ImagesCommon Stock (1) |  | Percent ofClass |  | DirectorsQualifyingShares
|                                                                 |  |                                                |  |                 |  |                           
|                                                                 |  |                                                | 
|Getty Investments L.L.C.(2)                                      |  | 8,273,301                                      |  | 13.97           |  |                          
|Capital Group International Inc.(3)                              |  | 8,235,665                                      |  | 13.91           |  |                          
|Capital Research & Management Company(4)                         |  | 5,050,000                                      |  | 8.53            |  |                          
|FMR Corp(5)                                                      |  | 4,896,050                                      |  | 8.27            |  |                           
|Blum Capital Partners LP(6)                                      |  | 3,410,133                                      |  | 5.76            |  |                          
|Jonathan D. Klein(7)                                             |  | 1,168,402                                      |  | 1.94            |  |                          
|Mark H. Getty(8)                                                 |  | 1,115,642                                      |  | 1.87            |  |                          
|Nicholas E. Evans-Lombe(9)                                       |  | 235,717                                        |  | *               |  |                          
|Bo T. Olofsson(10)                                               |  | 71,917                                         |  | *               |  |                          
|James N. Bailey(11)                                              |  | 47,183                                         |  | *               |  |                          
|Michael A. Stein(12)                                             |  | 33,750                                         |  | *               |  |                          
|Andrew S. Garb(13)                                               |  | 33,583                                         |  | *               |  |                          
|Christopher H. Sporborg(14)                                      |  | 18,300                                         |  | *               |  |                          
|Jack Sansolo(15)                                                 |  | 4,766                                          |  | *               |  |                          
|Alan G. Spoon(16)                                                |  | 1,250                                          |  | *               |  |                          
|Elizabeth J. Huebner(17)                                         |  | 1,000                                          |  | *               |  |                          
|Patrick F. Flynn(18)                                             |  | 0                                              |  | *               |  |                          
|Richard R. Ellis(19)                                             |  | 0                                              |  | *               |  |                          
|Thomas Oberdorf                                                  |  |                                               |  | *               |  |                          
|All Executive Officers and Directors as a group (18 persons)(20) |  | 2,868,460                                      |  | 4.68            |  |                          
|                                                                



|* |  | Less than 1%
|- |  | ------------

|(1) |  | Beneficial ownership represents sole or shared voting and investment power and is defined by the SEC to mean generally
the power to vote or dispose of securities, regardless of economic interest. The numbers were calculated pursuant to Rule 13d-3(d) of the Securities Exchange Act of 1934, as amended. Under Rule 13d-3(d), shares not outstanding that are subject to
options, warrants, rights or conversion privileges exercisable within 60 days of April 30, 2007 are deemed outstanding for the purpose of calculating the number and percentage owned by any person listed. Getty Images had 59,222,196 shares of
outstanding common stock as of April 30, 2007. To our knowledge, the only shareholders who beneficially owned more than 5% of the shares of outstanding common stock as of April 30, 2007, were those listed as such in the table above.
|--- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) |  | This information is derived from the Schedule 13D filed with the SEC by Getty Investments L.L.C. on October 5, 2006 for
shares held as of October 4, 2006. Getty Investments L.L.C. has sole dispositive and voting power over 8,273,301 shares. The address of Getty Investments L.L.C. is 1325 Airmotive Way, Suite 262, Reno, Nevada 89502.
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(3) |  | This information is derived from the Schedules 13F filed with the SEC by Capital Guardian Trust, Capital International SA and
Capital International Ltd, collectively Capital Group International, Inc. (CGII) on May 15, 2007 for shares held as of March 31, 2007. On February 12, 2007, CGII filed a Schedule 13G/A with the SEC for shares owned as of
December 29, 2006 of 8,853,200. In this filing, CGII disclaimed beneficial ownership of these shares under SEC Rule 13d-4. CGII filed the Schedule 13G/A and reported that, as of December 29, 2006, CGII and the affiliated entities had sole
voting power over 6,936,500 shares and dispositive power over 8,853,200 shares. The address of CGII is 11100 Santa Monica Blvd., Los Angeles, CA 90025.
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(4) |  | This information is derived from the Schedule 13F filed with the SEC by Capital Research & Management Company
(Capital Research) on May 15, 2007 for shares held as of March 31, 2007. On February 12, 2007, Capital Research filed a Schedule 13G/A with the SEC for shares owned as of December 29, 2006 of 4,900,000. In this
filing, Capital Research disclaimed beneficial ownership of these shares under SEC Rule 13d-4. Capital Research filed the Schedule 13G/A and reported that, as of December 29, 2006, Capital Research had sole voting power over 1,850,000 shares
and dispositive power over 4,900,000 shares. The address of Capital Research is 333 South Hope St., Los Angeles, CA 90071.
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(5) |  | This information is derived from the Schedule 13F filed with the SEC by FMR Corp (FMR) on May 15, 2007 for shares
owned as of March 31, 2007. The address of FMR is 82 Devonshire Street, Boston, MA 02109.
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



2







---



|(6) |  | This information is derived from the Schedule 13F filed with the SEC by Blum Capital Partners, L.P. (Blum) on
May 15, 2007 for shares held as of March 31, 2007. On January 29, 2007, Blum filed a Schedule 13D/A with the SEC for shares owned as of January 18, 2007 of 3,451,933. Blum filed the Schedule 13D/A and reported that, as of
January 18, 2007, Blum and affiliated entities had shared voting and dispositive power of 3,451,933 shares and total beneficial ownership of 3,451,933 shares. The address of Blum is 909 Montgomery Street, Suite 400, San Francisco, CA 94133.
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(7) |  | Includes 1,043,000 shares of common stock that may be acquired by Mr. Klein on the exercise of outstanding options that
presently are exercisable or that will become exercisable on or before June 29, 2007. Also includes shares beneficially owned or deemed to be owned beneficially by Mr. Klein as follows: 107,602 shares held by the Klein Family Trust; 900
shares held by Mr. Kleins children, for which Mr. Klein disclaims beneficial ownership; and 16,900 shares held directly by Mr. Klein. The number does not include 8,273,301 shares owned by Getty Investments L.L.C. Mr. Klein
is one of five directors of Getty Investments L.L.C. and, therefore, may be deemed to share voting and investment power over the shares held by Getty Investments L.L.C.
|--- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(8) |  | Includes 446,350 shares of common stock that may be acquired by Mr. Getty through the Options Settlement, a revocable grantor
trust of which Mr. Getty is the sole primary beneficiary, on the exercise of outstanding options that presently are exercisable or that will become exercisable on or before June 29, 2007. Also includes shares beneficially owned or deemed
to be owned beneficially by Mr. Getty as follows: 622,602 shares held by the October 1993 Trust; 24,377 shares held by the Cheyne Walk Trust, to which Mr. Getty shares voting and investment power; and 7,313 shares held by the Ronald Family
Trust B, to which Mr. Getty shares voting and investment power. The Cheyne Walk Trust and Ronald Family Trust B are members of Getty Investments L.L.C. The number includes 15,000 shares held directly by Mr. Getty. The number does not
include 8,273,301 shares owned by Getty Investments L.L.C. Mr. Getty is one of five directors of Getty Investments L.L.C. and, therefore, may be deemed to share voting and investment power over the shares held by Getty Investments L.L.C.
|--- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(9) |  | Includes 230,000 shares of common stock that may be acquired by Mr. Evans-Lombe on the exercise of outstanding options that
presently are exercisable or that will become exercisable on or before June 29, 2007, 3,225 shares held directly by Mr. Evans-Lombe and 2,492 shares held by family members.
|--- |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(10) |  | Includes 70,000 shares of common stock that may be acquired by Mr. Olofsson on the exercise of outstanding stock options that
presently are exercisable or that will become exercisable on or before June 29, 2007 and 1,917 shares held directly by Mr. Olofsson.
|---- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(11) |  | Includes 27,083 shares of common stock that may be acquired by Mr. Bailey on the exercise of outstanding options that
presently are exercisable or that will become exercisable on or before June 29, 2007, 20,000 shares held directly by Mr. Bailey and 100 shares owned by family members.
|---- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(12) |  | Includes 33,750 shares of common stock that may be acquired by Mr. Stein on the exercise of outstanding options that
presently are exercisable or which will become exercisable on or before June 29, 2007.
|---- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(13) |  | Includes 27,083 shares of common stock that may be acquired by Mr. Garb on the exercise of outstanding options that presently
are exercisable or that will become exercisable on or before June 29, 2007, and 6,500 shares held directly by Mr. Garb.
|---- |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(14) |  | Includes 17,500 shares of common stock that may be acquired by Mr. Sporborg on the exercise of outstanding options that
presently are exercisable or that will become exercisable on or before June 29, 2007 and 800 shares held directly by Mr. Sporborg.
|---- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(15) |  | Includes 4,766 shares held directly by Dr. Sansolo. Dr. Sansolo retired effective June 2, 2007.
|---- |  | -----------------------------------------------------------------------------------------------

|(16) |  | Includes 1,250 shares held directly by Mr. Spoon.
|---- |  | -------------------------------------------------

|(17) |  | Includes 1,000 shares held directly by Ms. Huebner as of April 30, 2007. Ms. Huebner retired effective as of
June 15, 2006.
|---- |  | ---------------------------------------------------------------------------------------------------------------------------

|(18) |  | Mr. Flynn held no shares as of April 30, 2007. Mr. Flynn resigned from Getty Images effective November 9,
2006.
|---- |  | ---------------------------------------------------------------------------------------------------------------

|(19) |  | Mr. Ellis held no shares as of April 30, 2007. Mr. Ellis left Getty Images effective December 1, 2006.
|---- |  | ------------------------------------------------------------------------------------------------------

|(20) |  | Includes 2,059,165 shares of common stock that may be acquired upon the exercise of outstanding options that presently are
exercisable or which will become exercisable on or before June 29, 2007, restricted stock units that vest on or before June 29, 2007, and 809,295 otherwise owned beneficially. Does not include shares directly owned by Getty Investments
L.L.C. Messrs. Getty and Klein are two of five directors of Getty Investments L.L.C. and, therefore, may be deemed to share voting and investment power over shares held by Getty Investments L.L.C.
|---- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



PART IV



ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES



(B) EXHIBITS



|               |  |                                                    
|-------------- |  | ---------------------------------------------------
|Exhibit Number |  | Description of Exhibit                             
|31.1           |  | Section 302 Certification by Jonathan D. Klein, CEO
|31.2           |  | Section 302 Certification by Thomas Oberdorf, CFO  



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SIGNATURES



Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Amendment No. 1 to the registrants
Annual Report on Form 10-K for the fiscal year ended December 31, 2006, which was originally filed on June 13, 2007, to be signed on its behalf by the undersigned, thereunto duly authorized.



GETTY IMAGES, INC.By:

/S/    THOMAS
OBERDORFThomas Oberdorf Senior Vice President and Chief Financial
Officer




June 18, 2007



Pursuant to the requirements of the Securities Exchange Act of 1934, this Amendment No. 1 to
Annual Report on Form 10-K/A has been signed below by the following persons on behalf of the registrant on June 18, 2007 and in the capacities indicated:



|                                      |  |                                                                                                                
|------------------------------------- |  | ---------------------------------------------------------------------------------------------------------------
|SIGNATURE                             |  | TITLE (CAPACITY)                                                                                               
|                                      | 
|*Mark H. Getty                        |  | Chairman and Director                                                                                          
|                                      | 
|*Jonathan D. Klein                    |  | Chief Executive Officer and Director(Principal Executive Officer)                                              
|                                      | 
|/S/    THOMAS OBERDORFThomas Oberdorf |  | Senior Vice President and Chief Financial Officer(Principal Financial Officer and Principal Accounting Officer)
|                                      | 
|*James N. Bailey                      |  | Director                                                                                                       
|                                      | 
|*Andrew S. Garb                       |  | Director                                                                                                       
|                                      | 
|*Alan G. Spoon                        |  | Director                                                                                                       
|                                      | 
|*Christopher H. Sporborg              |  | Director                                                                                                       
|                                      | 
|*Michael A. Stein                     |  | Director                                                                                                       



|     |  |                       
|---- |  | ----------------------
|     | 
|*By: |  | /S/    THOMAS
OBERDORF
|     |  | Thomas Oberdorf       
|     |  | Attorney-in-fact      

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