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Updated Wednesday, March 10, 2010 11:23 am TWN, AFP

Leibovitz turns to private equity to save photos

LONDON -- U.S. photography icon Annie Leibovitz has turned to a private equity firm for loans to help deal with huge debts which had put her at risk of losing her library of famous pictures, a paper reported Tuesday. Citing people familiar with the deal, the Financial Times said Colony Capital would become Leibovitz's sole creditor and help market her photographs.

Some of her best-known images include a Vanity Fair magazine cover of a nude, pregnant Demi Moore and a photo from Rolling Stone of a nude John Lennon embracing Yoko Ono. “We will be partners in managing her assets and her business so that Annie can spend her time and focus in pursuing her passion as only she can do,” Tom Barrack, founder of Los Angeles-based Colony, told the paper.

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