Visual content companies Shutterstock and Getty Images have announced their merger, creating a new $3.7 billion entity with a comprehensive portfolio of still imagery, video, music, and 3D media. This strategic move comes in response to the growing demand for compelling visual content across various industries. Getty Images CEO Craig Peters will lead the merged company, expressing excitement over the potential to expand their creative library and enhance product offerings. Following the merger, Getty Images shareholders will own roughly 54.7% of the combined company, while Shutterstock shareholders will hold about 45.3%. Shutterstock shareholders can choose between cash or stock options for their shares, with offers ranging from approximately $28.85 per share to 13.67 shares of Getty Images stock. The new company will operate under the Getty Images brand and will continue trading on the New York Stock Exchange under the ticker symbol ‘GETY.’ The board will consist of 11 members, with Peters at the helm, alongside six directors from Getty Images and four from Shutterstock, including CEO Paul Hennessy. Following the announcement, Shutterstock shares surged nearly 30%, and Getty Images stock leaped more than 73%.
