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Getty Images and Shutterstock Merge to Form $3.7 Billion Company, Led by CEO Craig Peters and Chairman Mark Getty

Jan 7, 2025, 11:40 AM

Getty Images Holdings, Inc. and Shutterstock, Inc. have announced a definitive merger agreement to combine in a merger of equals, creating a premier visual content company with a combined enterprise value of approximately $3.7 billion. The merged entity will be named Getty Images Holdings, Inc. and will continue to trade on the New York Stock Exchange under the ticker symbol 'GETY'. The merger is expected to be accretive to earnings and cash flow by year two, with anticipated annual cost synergies of between $150 million and $200 million by year three. Pro forma 2024 revenue for the combined company is projected to be around $2 billion. The transaction offers Shutterstock stockholders the option to receive cash, Getty Images stock, or a combination of both. Following the merger, Getty Images' CEO, Craig Peters, will lead the combined company, with Mark Getty as Chairman of the Board. The merger is subject to customary closing conditions, including regulatory and stockholder approvals. Prior to the announcement, Getty Images had a market value of $983 million, and its stock soared by 33% upon the merger news, later rising by an additional 83%.