Getty Images Acquires Shutterstock to Form $3.7 Billion Visual Content Giant
Getty Images is set to merge with Shutterstock, creating a powerhouse in visual content amid rising AI competition
Getty Images, Shutterstock, New York, Visual Content, Merger, AI Competition
New York: So, Getty Images is buying Shutterstock, right? It’s a big deal, creating a $3.7 billion visual content company. They’re joining forces at a time when AI-generated images are really shaking things up.
Both companies believe they can offer more to their customers by merging. They’ve got different strengths, and together, they’ll provide a wider range of images, videos, music, and more.
Getty’s CEO, Craig Peters, mentioned that the demand for eye-catching visual content is skyrocketing. He feels it’s the perfect moment for this merger. He’ll be the CEO of the new company, which is pretty cool.
Shutterstock’s CEO, Paul Hennessy, is also excited. He sees a lot of potential to grow their creative library and meet various customer needs. It’s all about expanding what they can offer.
When the deal closes, Getty shareholders will own about 54.7% of the new company, while Shutterstock stockholders will have around 45.3%. There are different options for Shutterstock shareholders on how they want to receive their shares, which is nice.
The new company will keep the Getty Images name and will trade under the ‘GETY’ ticker on the New York Stock Exchange. They’ll have a board of 11 members, including Peters and directors from both companies.
After the news broke, Shutterstock’s shares jumped over 30%, and Getty’s stock soared more than 58%. It looks like the market is pretty optimistic about this merger!
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