Getty Images to Merge with Shutterstock in $3.7 Billion Deal; Stock Soars 83%

Jan 7, 2025, 12:15 PM

Getty Images has announced plans to merge with rival Shutterstock in a deal valued at $3.7 billion, creating a premier visual content company that will operate under the Getty name. The merger is expected to generate annual cost synergies of $150 million to $200 million by the third year and be accretive to earnings and cash flow by the second year. The combined entity is projected to have pro forma 2024 revenue of approximately $2 billion. Under the terms of the agreement, Shutterstock shareholders can elect to receive 9.17 shares of Getty Images and $9.50 in cash per share. Following the announcement, Getty's stock soared 83%. The transaction, which values the combined enterprise at $3.7 billion, is anticipated to attract antitrust scrutiny due to the significant consolidation in the stock image industry.