Getty Images To Merge With Rival Shutterstock To Create A $3.7 Billion Company

Getty Images and Shutterstock announced a merger of equal transactions this Tuesday to create a visual content company valued at $3.7 billion. The new partnership was formed after both companies faced challenges with the arrival of artificial intelligence.

In a press release, the companies explained that the name of the new enterprise will remain Getty Images Holdings, including its symbol—GETY—at the New York Stock Exchange. The new venture will develop new technologies and products, and include generative AI as an ally.

“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,” said Craig Peters, Getty Images CEO. “By combining our complementary strengths, we can better address customer opportunities while delivering exceptional value to our partners, contributors, and stockholders.”

Among the merger’s benefits, the companies highlighted a broader portfolio with more images and opportunities for creators, debt repayment acceleration, more revenue, and a better financial profile. While Peters will serve as CEO of the combined company, it will include Shutterstock directors on the board.

“We look forward to working closely with the Getty Images management team to complete the transaction and drive the next chapter of growth,” said Paul Hennessy, Shutterstock CEO.

Getty investors will own 54.7% and Shutterstock’s stakeholders 45.3%.

According to Reuters, Peters said they expect the U.S. government’s antitrust approval soon and minimized the impact of recent AI developments. In 2023, Getty Images filed a lawsuit against Stability AI for misusing the company’s images to train its AI model.

Other companies in the visual content industry have taken big business steps too to stay ahead in the AI race. Canva recently acquired the generative AI platform Leonardo.ai.