Getty Images and Shutterstock announced plans to merge in a $4 billion deal, creating a powerhouse in the visual content industry. The combined company will offer a wider range of assets, including still images, video, music, and 3D content.
A sign for the Seattle office of Getty Images Inc., is shown Monday, Feb. 25, 2008, in Seattle. (AP Photo/Ted S. Warren, File)The merger comes at a time when companies that use still images are facing increased competition from images generated by artificial intelligence. The companies said Tuesday that they have complementary portfolios and that a merger will provide customers with a broader array still imagery, video, music, 3D and other media.
'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,' Getty Images CEO Craig Peters said in a prepared statement. 'We are excited by the opportunities we see to expand our creative content library and enhance our product offering to meet diverse customer needs,' Shutterstock CEO Paul Hennessy said. Getty Images shareholders will own about 54.7 per cent of the combined company at closing and Shutterstock stockholders will own approximately 45.3 per cent. Shutterstock shareholders can choose to receive either approximately $28.85 per share in cash for each share of Shutterstock common stock they own; about 13.67 shares of Getty Images common stock for each share of Shutterstock common stock they own; or a mixed consideration of 9.17 shares of Getty Images common stock plus $9.50 in cash for each share of Shutterstock common stock they own. The combined company will operate as Getty Images, and will continue to trade on the New York Stock Exchange under the `GETY' ticker symbol. Its board will have 11 members, comprised of Peters, six directors designated by Getty Images and four directors designated by Shutterstock, including Hennessy. The chairman will be Mark Getty, current chairman of Seattle-based Getty Images. Shares of New York-based Shutterstock jumped more than 30 percent before the market opened, while Getty Images' stock soared more than 58 percent
MERGER GETTY IMAGES SHUTTERSTOCK VISUAL CONTENT STOCK MARKET
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