Getty Images Holdings Inc. has announced plans to acquire its competitor Shutterstock Inc. in a deal that will result in a combined entity valued at approximately $3.7 billion, which includes debt obligations.
The acquisition proposal includes an offer of about $28.85 in cash per Shutterstock share, or the equivalent of approximately 13.67 shares of Getty Images. This was confirmed in a Tuesday statement, following an earlier report by Bloomberg News. Shareholders of Shutterstock will have the option to receive either cash or a combination of cash and Getty shares.
For this transaction, Getty Images is poised to spend around $331 million in cash along with issuing 319.4 million of its own shares. After the merger is finalized, shareholders of Getty Images will hold roughly 54.7 percent of the newly created company, while the remaining shares will be owned by Shutterstock’s shareholders. Craig Peters, who serves as CEO of Getty Images, will continue in that role in the merged company.
This merger brings together two prominent providers of licensed visual content in the U.S. at a time when artificial intelligence is transforming the content creation landscape and smartphone cameras are impacting the stock photo market. The integration is set to combine Getty Images’ extensive library of photos, illustrations, and videos with Shutterstock’s comprehensive platform that enables content contributors to upload their work.
As of the close of trading on Monday, Getty Images was contending with about $1.4 billion in debt and had seen a significant decline in market value, losing around 73 percent since it became public through a special purpose acquisition company (SPAC) in July 2022. During the same timeframe, Shutterstock’s market value has decreased by about 50 percent. Following the merger announcement on Tuesday, Shutterstock’s stock surged nearly 44 percent in premarket trading, while Getty Images’ stock increased by as much as 100 percent.
The two companies anticipate that merging will allow them to reduce costs and enhance profitability by providing a more extensive range of services to sectors including media, advertising, and content creation.
Antitrust Considerations
This merger could face scrutiny from antitrust regulators, particularly as the incoming Trump administration’s approach to such deals remains to be seen. The Biden administration previously blocked significant mergers in sectors like supermarkets and airlines. While this particular merger may attract considerable attention, it highlights a sense of optimism among dealmakers that some regulatory bodies might adopt a more lenient stance in specific industries.
Getty Images, based in Seattle, was co-founded in 1995 by Chairman Mark Getty, a member of the affluent Getty family. According to Bloomberg data, he is a director at Getty Investments, which owns roughly 43 percent of the company’s outstanding shares.
Over the years, Getty Images has transitioned in and out of public markets and ownership, originally being taken private by Hellman & Friedman in 2008 before being sold to Carlyle Group Inc. in 2012. The Getty family regained control of the company in 2018, later selling a minority stake that same year to an investment arm of Koch Industries Inc.
In 2021, the family agreed to merge the company with a blank-check vehicle backed by CC Capital and Neuberger Berman.
Berenson & Co. and JPMorgan Chase & Co. are serving as financial advisors to Getty Images, while Allen & Co. is advising Shutterstock.
© 2025 Bloomberg L.P.
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