Getty and Shutterstock merge in $3.7 billion deal
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Getty and Shutterstock are merging
Getty Images partners with more than half a million content creators around the world and serves customers in nearly every country. The company, which also includes the iStock and Unsplash brands, produces content covering more than 160 thousand news, sports and entertainment events every year. Providing licensing services to many sectors such as advertising agencies, news organizations and documentary producers, Getty Images is known as one of the pioneers of the stock media world.
Shutterstock was founded in 2003 by Jon Oringer with 30 thousand photographs he took. Since then, the company has continually expanded its portfolio through creative collaborations and acquisitions. As of 2024, Shutterstock has more than 530 million images and media assets in its library.
Under the merger agreement, Shutterstock shareholders will be able to choose one of three options: a cash payment of $28.85 per share, 13.67 Getty Images shares, or a combination of 9.17 Getty Images shares and a cash payment of $9.50. When the deal is completed, Getty Images shareholders of the combined company 54.7 percent’sine, Shutterstock If its shareholders will own 45.3 percent of.
The merger of Getty Images and Shutterstock raises concerns about reduced competition in the stock media industry. Therefore, it may not be easy for the deal to get approval from regulatory authorities. Although both companies have some licensing agreements with artificial intelligence companies, they are trying to protect themselves from the long-term effects of artificial intelligence with this partnership.
Source
https://www.techspot.com/news/106242-getty-images-shutterstock-announce-37b-merger-dominate-stock.html
https://newsroom.gettyimages.com/en/getty-images/getty-images-and-shutterstock-to-merge-creating-a-premier-visual-content-company
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