Getty Images To Acquire Shutterstock In $3.7 Billion Merger

Getty Images is acquiring Shutterstock in a deal worth $3.7 billion, aiming to create a powerhouse in the visual content industry, Michelle Chapman reported for the Associated Press (AP).

Getty Images shareholders will own approximately 54.7% of the merged company, while Shutterstock shareholders will hold 45.3%.

Announced this week, the merger comes at a time when traditional still imagery faces increasing competition from artificial intelligence (AI)-generated visuals.

Getty Images and Shutterstock said the merger would allow them to combine complementary portfolios, offering customers a wider array of still images, videos, music, 3D assets, and other media.

Getty Images shareholders will own approximately 54.7% of the merged company, while Shutterstock shareholders will hold 45.3%. Craig Peters, Getty Images' CEO, will lead the combined entity.

“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,” Peters said. Shutterstock CEO Paul Hennessy echoed his sentiments, emphasizing the expanded creative opportunities the merger will offer.