Getty Images Holdings and Shutterstock have entered into a definitive merger agreement to combine their operations in a merger of equals. The merger will create a leading visual content company, with an estimated enterprise value of $3.7 billion. The combined entity will retain the Getty Images Holdings name and trade on the New York Stock Exchange under the ticker “GETY.” This strategic merger aims to expand content offerings, enhance event coverage, and leverage new technologies, benefitting both companies’ customers and contributors. The merger also positions the combined company for greater innovation and investment in visual content creation and customer-facing technologies, including generative AI and 3D imagery.
Upon completion, the combined company is expected to generate significant synergies, with projected cost savings between $150 million and $200 million within the first three years. Getty Images CEO, Craig Peters, will lead the new company as CEO, and the board will comprise members from both organizations. The merger offers Shutterstock shareholders multiple options, including cash or stock exchange for their shares. The deal, approved by both companies' boards, is expected to close soon, with Getty Images stockholders owning approximately 54.7% and Shutterstock stockholders holding 45.3% of the combined company.
