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Getty Images and Shutterstock to Merge in $3.7 Billion Deal Amid AI Challenges
Jan 7, 2025, 03:30 PM
Getty Images Holdings Inc. has agreed to merge with rival Shutterstock Inc. in a deal that will create a combined company valued at approximately $3.7 billion, including debt. Following the announcement, Getty Images' stock soared, and its market value touched $983 million. The merger aims to position the new entity as a premier visual content company better equipped to navigate challenges posed by the rise of artificial intelligence in the stock image industry. Under the terms of the agreement, Getty Images shareholders will own about 54.7% of the combined company at closing. Shutterstock shareholders can elect to receive 9.17 shares of Getty Images and $9.50 in cash per share. The company will continue to operate under the Getty Images name and trade under the ticker $GETY. Getty Images CEO Craig Peters will remain as the CEO of the combined business. The merger is expected to be accretive to earnings and cash flow by the second year, with anticipated annual cost synergies of $150 million to $200 million by the third year. The pro forma 2024 revenue for the combined company is estimated to be around $2 billion. The deal is subject to regulatory approval and may attract antitrust scrutiny.
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