The two companies, long-time competitors, have announced a merger worth $3.7 billion, to provide an expanded visual content portfolio. In their press release, Getty Images described the new entity as "premier visual content company" that will "offer a content library with greater depth and breadth for the benefit of customers."
According to the Wall Street Journal, Getty Images shareholders will hold 54.7% of the new company, while Shutterstock shareholders will own 45.3%.
This merged company, which will operate under the Getty Images name, aims to reduce costs and expand its business. Shutterstock's CEO Paul Hennessy states, “We are excited by the opportunities we see to expand our creative content library and enhance our product offering to meet diverse customer needs.”
This announcement comes at a critical time for the industry, with the rise of generative AI tools threatening traditional content providers. Getty Images’ CEO, Craig Peters, acknowledged this, stating, “With the rapid rise in demand for compelling visual content across industries, there has never been a better time for our two businesses to come together.”
The deal will go through once all usual conditions are met, including obtaining the necessary approvals from regulators.
