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 · 3dCryptopolitan on MSN
Getty images and Shutterstock announced $3.7 billion merger amid AI disruption in stock image industry
2 of the largest stock photo platforms are merging, sending their shares up
The combined company, which will be called Getty Images, will be worth $3.7 billion, Getty said on Tuesday.
The Future Of Stock Media After Getty And Shutterstock Join Forces
Under the terms of the agreement, the combined company will retain the Getty Images name and continue trading under the NYSE ticker symbol "GETY." Craig Peters, current CEO of Getty Images, will lead the merged entity, while Shutterstock's CEO Paul Hennessy will join the eleven-member Board of Directors.
What's Happening With Adobe Stock?
This news was welcomed by investors of both companies, with GETY stock rising 25% and SSTK stock rising 14% on Tuesday, January 7.
Getty Images and Shutterstock are merging into one stock photo powerhouse
Shutterstock are joining forces in a merger valued at around $3.7 billion, the companies announced on Tuesday. The merger will allow the companies to expand their stock photo libraries as they face increasing competition from AI-powered image creation tools.
Getty Images and Shutterstock to Merge in $3.7 Billion Deal
Getty Images and Shutterstock will merge into one company valued at $3.7 billion in a deal that aims to take on competition from AI, the companies announced on Tuesday. The new premier visual content company will be called Getty Images Holdings, Inc. and at close, Getty Images’s CEO, Craig Peters, will serve as CEO of the combined company.
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