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Getty Images and Shutterstock announce $3.7 billion merger to expand in AI market

share-iconWednesday, January 08 comment-icon2 weeks ago 12 views
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reutersREUTERS
Getty Images and Shutterstock announce $3.7 billion merger to expand in AI market

Credited from: REUTERS

  • Getty Images will merge with Shutterstock to create a $3.7 billion entity focused on the growing AI-driven market.
  • The merger aims to help both companies cut costs and explore new revenue avenues in response to competition from generative AI tools.
  • Shareholders of Shutterstock can choose between cash payments or shares in Getty as part of the deal, valued over $1 billion.
  • Getty CEO Craig Peters will lead the new company, which expects annual revenues close to $2 billion.
  • Despite potential antitrust scrutiny, Peters expressed confidence in regulatory approval for the merger, anticipating $200 million in cost savings within three years.

For more details, visit the original article here.

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