Getty Images and Shutterstock Announce $3.7 Billion Merger

NEW YORK, Jan. 7, 2025 – Getty Images Holdings, Inc. (NYSE: GETY) and Shutterstock, Inc. (NYSE: SSTK) have announced a definitive merger agreement to combine in a merger of equals, creating a premier visual content company with an enterprise value of approximately $3.7 billion. The combined entity, to be named Getty Images Holdings, Inc., will continue trading on the New York Stock Exchange under the ticker symbol “GETY.” The merger aims to enhance content offerings, expand event coverage, and deliver innovative technologies to better serve customers in a rapidly evolving market.

Craig Peters, CEO of Getty Images, emphasized the strategic benefits of the merger, stating, “Today’s announcement is exciting and transformational for our companies, unlocking multiple opportunities to strengthen our financial foundation and invest in the future.” Paul Hennessy, CEO of Shutterstock, echoed this sentiment, highlighting the potential to expand the creative content library and meet diverse customer needs. The merger is expected to drive combined revenues, accelerate product innovation, and realize significant cost synergies.

Under the terms of the agreement, Shutterstock stockholders can elect to receive $9.50 in cash per share or 9.17 shares of Getty Images stock per Shutterstock share. The transaction, unanimously approved by both companies’ boards, is subject to regulatory approvals and stockholder consent. The combined company will be led by Craig Peters as CEO, with an eleven-member board of directors, including six from Getty Images and four from Shutterstock.

The merger is anticipated to close following the satisfaction of customary conditions, including regulatory approvals and the extension or refinancing of Getty Images’ existing debt obligations. Financial advisors for the transaction include Berenson & Company and J.P. Morgan Securities for Getty Images, while Allen & Company advised Shutterstock.

Both companies will host a conference call on January 7, 2025, to discuss the transaction further. The combined entity aims to leverage its expanded content library and financial strength to meet the growing demand for compelling visual content across industries.