Getty Images buying Shutterstock to create a $3.7 billion visual content company
- Getty Images is acquiring Shutterstock to form a visual content company valued at $3.7 billion.
- The merger aims to provide a wider range of media including images, videos, and music for customers.
- Shareholders of Getty Images will own about 54.7% of the new company, while Shutterstock shareholders will own approximately 45.3%.
- The combined company will operate under the name Getty Images Holdings Inc and will trade as GETY on the New York Stock Exchange.
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Image banks such as Getty Images or Shutterstock are the biggest hit by AI free image generation, which is why they have merged.
DECRYPTION - This $3.7 billion strategic merger is the only way for the famous agency to deal with the upheavals induced by generative AI technologies.
Getty Images and Shutterstock merge to form $3.7 bn visual content company
New Delhi: Getty Images has merged with rival Shutterstock, creating an entity valued at an estimated $3.7 billion. The combined company will operate under the name Getty Images Holdings, Inc., and will continue trading on the New York Stock Exchange under the ticker symbol 'GETY'. Getty Images CEO, Craig Peters, who will lead the merged entity, stated, “With the rapid rise in demand for compelling visual content across industries, there has ne…
The merger will combine the Getty Images library with the Shutterstock platform, which allows creators to earn money from their own content. The value of the new company is estimated at $3.7 billion.
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