Getty Images and Shutterstock are merging in a $3.7 billion deal to create a leading provider of licensed visual content. The combined company will leverage Getty Images’ extensive library and Shutterstock’s platform to offer a broader range of services to media, advertising, and content creation industries.
Getty Images Holdings Inc. agreed to acquire rival stock-photo provider Shutterstock Inc. in a deal that would create a combined company worth about $3.7 billion including debt. Getty Images offers to pay about $28.85 in cash, or roughly 13.67 Getty Images shares for each Shutterstock share. Shutterstock shareholders could also opt to be paid in a mix of cash and Getty shares. For the transaction, Getty Images is expected to pay $331 million in cash and 319.4 million of its own shares.
Upon completion, Getty Images holders will own about 54.7% of the combined company, while Shutterstock shareholders will own the rest. Craig Peters, Getty Images’s chief executive officer, will serve in the same role for the combined entity. The deal bring together two of the biggest providers of licensed visual content in the US as artificial intelligence upends the content-creation market and cell phone cameras dilute the value of stock photos. It will marry Getty Images’ immense library of photos, illustrations and videos with Shutterstock’s huge searchable platform that lets contributors upload their content. As of Monday’s close, Getty Images — which has about $1.4 billion in debt —- had lost about 73% of its market value since going public in July 2022 via a blank-check deal. Shutterstock has fallen about 50% over the same time period. Following the announcement on Tuesday, Shutterstock jumped as much as 44% in premarket trading, while Getty surged as much as 100%. The companies are banking that by coming together they can cut costs and boost profitability by offering a broader suite of services to the media, advertising and content creation industrie
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