Merger of the Image Giants: Shutterstock and Getty Images Join Forces

The shares of Getty Images Holdings and Shutterstock surged by over 20% on Tuesday as the two leading providers of stock images and videos announced their planned merger. The aim of the merger is to meet the changing demands of the creative, media, and advertising industries. In a deal described as a "merger of equals," the new company, which will operate under the name Getty Images Holdings, is expected to reach a corporate value of $3.7 billion. Trading will continue on the New York Stock Exchange under the ticker symbol "GETY." For Shutterstock investors, the agreement provides the choice of a cash payment of $28.85 per share, 13.67 shares of Getty Images, or a combination of $9.50 in cash and 9.17 shares of Getty Images for each Shutterstock share. Getty Images emphasizes that the merger will enable greater investments in innovative content, broader event coverage, as well as enhanced customer-oriented technologies and capabilities such as search functions, 3D images, and generative AI. The transaction is now contingent on the approval of investors from both companies and the extension or refinancing of Getty's existing debts. Despite the recent price surge, the shares of Getty Images Holdings and Shutterstock have lost 36% and 22% of their value, respectively, over the past twelve months.