Shutterstock and Getty Images to Merger Creating a $3.7 Billion Visual Content Powerhouse

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Shutterstock and Getty Images to Merger Creating a $3.7 Billion Visual Content Powerhouse

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INDIATIMES

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Shutterstock and Getty Images to Merger Creating a $3.7 Billion Visual Content Powerhouse

Credited from: INDIATIMES

Visual content giants Shutterstock and Getty Images have announced their merger, creating a significant player in the industry valued at $3.7 billion. The deal, revealed on Tuesday, aims to combine their complementary portfolios to provide a broader range of visual content, which includes still imagery, video, music, and 3D assets. Getty Images CEO Craig Peters, who will lead the newly formed entity, emphasized the optimal timing for this union due to the increasing demand for high-quality visual content across industries. "There has never been a better time for our two businesses to come together," he stated, highlighting the merger's strategic importance. (AP News)

The agreement stipulates that Getty Images shareholders will possess approximately 54.7% of the merged company, while Shutterstock stockholders will hold around 45.3%. Shutterstock shareholders can choose from several compensation options: $28.85 in cash for each share, 13.67 shares of Getty Images for every Shutterstock share, or a mixed option of 9.17 Getty shares and $9.50 in cash. After the announcement, Shutterstock shares surged nearly 30%, while Getty Images stock rose over 58% in pre-market trading, reflecting investor enthusiasm for the merger. The combined company will retain the Getty Images name and continue to trade on the New York Stock Exchange under the ticker symbol 'GETY'. (India Times)