Magnum Photos makes for the first time enter into its capital two private investors. These are Nicole Junkermann and Jörg Mohaupt, who for the occasion created a branch named Magnum Global Ventures. It will manage the assets of Magnum while accompanying its digital transition and modernization. The two investors will have no artistic decision-making powers and will have the right to review intellectual properties, artistic direction of the agency or its new admissions, Magnum Photos maintaining its independence and mode of operation based on the participation of its members- photographers.
The Magnum Global Ventures board will include Nicole Junkermann, Jörg Mohaupt, Executive Director David Kogan and Vice-President of Magnum Paris and photographer Thomas Dworzak along with four other members.
This new arrangement occurs when the agency has experienced financial problems for several years. As David Kogan at the British Journal of Photography says: “we have to build in solid management and solid levels of growth. We have to raise additional revenue to really accelerate the growth pattern.”
This announcement was quickly follow by the departure of photographer John Vink, member of Magnum Photos for twenty years.