Getty Images is buying Shutterstock to create a $3.7 billion visual content company.The merger comes at a time when companies that use still images are facing increased competition from images generated by artificial intelligence.
"With the rapid rise in demand for compelling visual content across industries, there has never been a better time for our two businesses to come together," Getty Images CEO Craig Peters said in a prepared statement."We are excited by the opportunities we see to expand our creative content library and enhance our product offering to meet diverse customer needs," Shutterstock CEO Paul Hennessy said.
Shutterstock shareholders can choose to receive either approximately $28.85 per share in cash for each share of Shutterstock common stock they own; about 13.67 shares of Getty Images common stock for each share of Shutterstock common stock they own; or a mixed consideration of 9.17 shares of Getty Images common stock plus $9.50 in cash for each share of Shutterstock common stock they own.
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