IBL News | New York
Getty Images said it would merge with rival Shutterstock on Tuesday to create a $3.7 billion visual licensed content company. The agreement will be subject to both companies’ antitrust regulatory and shareholder approval.
The combined company would be named Getty Images Holdings, Inc and continue trading on the New York Stock Exchange under the “GETY” symbol. Getty CEO Craig Peters would remain chief executive.
The deal underscores the demand for images and content from creators and platforms at a time when the growing use of generative AI tools such as Midjourney poses a threat to the industry.
The two companies said the expected annual cost synergies would be between $150 million and $200 million by year three.
