Getty Images Holdings, Inc. (NYSE: GETY) and Shutterstock (NYSE: SSTK) today announced they have entered into a definitive merger agreement to combine in a merger of equals transaction, creating a premier visual content company. The combined company, with an enterprise value of approximately USD$3.7 billion, will be named Getty Images Holdings, Inc. and will continue to trade on the New York Stock Exchange under the ticker symbol “GETY”.
As a combined company, Getty Images and Shutterstock will offer a content library with greater depth and breadth for customers, expanded opportunities for contributors, and a reinforced commitment to inclusive and representative content. Additionally, the stronger financial profile of the combined company is expected to increase capacity for product investment and innovation in a fast-evolving and competitive environment.
Craig Peters, CEO of Getty Images, said, “Today’s announcement is exciting and transformational for our companies, unlocking multiple opportunities to strengthen our financial foundation and invest in the future—including enhancing our content offerings, expanding event coverage, and delivering new technologies to better serve our customers. 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. By combining our complementary strengths, we can better address customer opportunities while delivering exceptional value to our partners, contributors, and stockholders.”
Paul Hennessy, CEO of Shutterstock, added, “We are excited by the opportunities we see to expand our creative content library and enhance our product offering to meet diverse customer needs. We expect the merger to produce value for the customers and stockholders of both companies by capitalizing on attractive growth opportunities to drive combined revenues, accelerating product innovation, realizing significant cost synergies, and improving cash flow. We look forward to working closely with the Getty Images management team to complete the transaction and drive the next chapter of growth.”
Strategic and Financial Benefits
- Cutting-edge innovation: Facilitates greater investment in content creation, event coverage, and customer-facing technologies such as search, 3D imagery, and generative AI.
- Complementary portfolios: Broadens visual content offerings across still imagery, video, music, 3D, and other asset types.
- Expanded opportunities for content creators: Offers contributors greater opportunities to reach global audiences.
- Strengthened balance sheet and cash flow: Positions the combined company to accelerate debt repayment, reduce borrowing costs, and create value for customers and stockholders.
- Significant synergies: Expected run rate synergies across SG&A and CAPEX of $150–$200 million within three years post-close, with approximately two-thirds achieved within the first 12–24 months.
Leadership and Governance
At close, Getty Images’s CEO, Craig Peters, will serve as CEO of the combined company. The Board of Directors will include 11 members: six designated by Getty Images, four by Shutterstock, and Craig Peters. Mark Getty, currently Chairman of Getty Images, will serve as Chairman of the combined company.
Transaction Details
Shutterstock stockholders can elect one of the following options for their shares at close:
- $28.84870 per share in cash.
- 13.67237 shares of Getty Images common stock per Shutterstock share.
- A mixed consideration of 9.17 shares of Getty Images stock plus $9.50 in cash per Shutterstock share.
These options are subject to proration to ensure the aggregate consideration includes $9.50 in cash and 9.17 Getty Images shares per Shutterstock share.
Timing and Closing
The transaction is subject to customary closing conditions, including regulatory approvals, stockholder approval, and refinancing or extension of Getty Images’ existing debt obligations. The deal is expected to close in 2025.
Advisors
Berenson & Company, LLC and J.P. Morgan Securities LLC are acting as financial advisors to Getty Images. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor. Allen & Company LLC is the exclusive financial advisor to Shutterstock, with White & Case LLP providing legal counsel.
Visit https://investors.gettyimages.com/ for more information.
