Getty Images and Shutterstock, two leading visual content providers, announced a merger Tuesday, creating a combined $3.7 billion company. The deal aims to offer a broader range of imagery, video, music, 3D assets, and other media to customers.
The merger reflects the increasing demand for compelling visual content across various industries. Both companies' complementary portfolios will be combined, offering a comprehensive resource for businesses and creators.
Getty Images CEO Craig Peters, who will lead the combined entity, emphasized the synergistic benefits of the merger in a statement. "This is a moment for growth," he said. "Combining our resources allows us to serve customers in a more substantial way."
Shutterstock CEO Paul Hennessy echoed this sentiment, highlighting the expanded creative content library and improved offerings that the merger will facilitate.
The merged entity, operating as Getty Images, will be publicly traded on the NYSE under the ticker symbol GETY. Getty Images shareholders will hold approximately 54.7% of the combined company, while Shutterstock shareholders will own 45.3%.
Shareholders have options for compensation. Shutterstock shareholders can choose between cash, Getty stock, or a mix of both. The deal structure is outlined in a detailed announcement.
The combined board of directors will comprise 11 members, including existing leadership from both companies. Mark Getty, chairman of the current Seattle-based Getty Images, will lead the board. The market reacted positively, with Shutterstock shares soaring nearly 30% and Getty Images' stock increasing by more than 73% pre-market.
