Financial statements and company reports

Getty Images and Shutterstock Merge in $3.7 Billion Deal, Forming Visual Content Giant Under GETY Ticker

Jan 7, 2025, 01:46 PM

Getty Images Holdings Inc. and Shutterstock Inc. have agreed to merge in a merger of equals, creating a visual content company with an enterprise value of approximately $3.7 billion. The combined entity will operate under the name Getty Images Holdings, Inc. and continue to be listed on the New York Stock Exchange under the ticker symbol 'GETY'. At closing, Getty Images shareholders will own about 54.7% of the combined company, while Shutterstock stockholders will own approximately 45.3%. The merger aims to enhance content offerings, expand event coverage, and deliver new technologies to meet the evolving needs of creative, media, and advertising industries. The companies expect to achieve annual cost synergies of between $150 million and $200 million by the third year post-merger. Getty Images CEO Craig Peters will lead the new company, with an eleven-member board of directors comprising representatives from both companies. The merger is subject to customary closing conditions, including regulatory and stockholder approvals.