Getty Images and Shutterstock, two of the largest players in the stock photography industry, have announced their intention to merge, creating a new entity, Getty Image Holdings, valued at around $3.7 billion.
This merger combines their extensive image platforms and is expected to deliver significant cost savings, ranging from $150 million to $200 million over the next three years.
The new company will be listed on the New York Stock Exchange, with Getty Images taking a controlling stake of approximately 54.7% and Shutterstock holding 45.3%.
Getty’s CEO, Craig Peters, will lead the merged company, with Mark Getty, co-founder of Getty Images, serving as chairman.
As part of the deal, Getty Images will pay $331 million in cash and offer Shutterstock shareholders 319.4 million shares.
The companies cited the growing demand for visual content across various industries as the driving force behind this strategic partnership.
Getty Images, a global leader in stock photography, was originally listed in 1996, delisted in 2008, and returned to the market in 2021 with a valuation of $4.8 billion.
The merger marks the latest development in the evolution of the company.
