Getty Images has announced the acquisition of Shutterstock in a deal valued at $3.7 billion (€3.6 billion), aiming to bolster its market position in the face of rising competition from AI-generated content.

Terms of the Deal

Getty will purchase Shutterstock shares for $28.85 (€28) each, offering shareholders a choice of cash or a cash-and-stock mix. Following the merger, Getty shareholders will own 54.7% of the new entity, while Shutterstock shareholders will hold 45.3%. The transaction includes $331 million (€321 million) in cash and 319.4 million Getty shares.

Positioning for Market Changes

The merger comes at a time when demand for high-quality visual content is surging, while AI-generated images continue to disrupt the market. Getty CEO Craig Peters, who will lead the combined company, stated, “This is an opportune moment for our businesses to combine.” The merger is seen as a strategic move to diversify and strengthen their offerings in still images, video, music, and 3D media.

Shutterstock CEO Paul Hennessy emphasized the potential to expand their content library and better serve diverse customer needs, saying, “We’re excited to enhance our library and better serve our customers.” Following the deal, the newly formed company will operate under the Getty Images name and will trade on the NYSE under the ticker symbol ‘GETY.’

Regulatory Scrutiny Expected

Given the dominant positions of Getty Images and Shutterstock in the visual content market, the merger is likely to face antitrust scrutiny. Industry analysts are closely monitoring the situation, as the deal could serve as a benchmark for how the Trump administration will approach such consolidations, especially after the Biden administration’s more stringent stance on mergers.