Getty Images and Shutterstock to merge into visual content powerhouse

Getty Images and Shutterstock have entered into an agreement to merge, creating a premier visual content company. This move impacts Shutterstock and its family of brands including TurboSquid, Pond5, PremiumBeat, GIPHY and Envato. 

The combined entity, which would have an enterprise value of approximately US$3.7b, will be named Getty Images Holdings. 

In a customer message seen by MARKETING-INTERACTIVE, Paul Hennessy, CEO of Shutterstock, said the merger is expected to increase Shutterstock’s ability to invest in new content, live coverage, technologies and capabilities, services and support to meet the ever-changing needs of customers.  

“We also expect to provide our customers with simplified access to a larger range of diverse, high-quality, ethically-sourced licensable content to fuel their storytelling and the impact of their work,” he added.  

“While we expect the merger to take some time to finalise, we wanted to keep you updated on the big news and reinforce that your current Shutterstock services and solutions will continue without interruption.” 

For now, Shutterstock and Getty Images remain independent companies and it’s business as usual until closing. “We are committed to keeping you informed as things progress and will continue to deliver the quality, value, and partnership you already know and expect from Shutterstock,” he added. 

Upon completion of the deal, Craig Peters, CEO of Getty Images, will take on the role of CEO for the combined company. The merger’s board of directors will consist of 11 members including Peters, six representatives appointed by Getty Images, and four representatives from Shutterstock, including Hennessy.  

Peters 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.” 

He added, “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.” 

Meanwhile, Hennessy said, “We are excited by the opportunities we see to expand our creative content library and enhance our product offering to meet diverse customer needs.” 

He added, “We expect the merger to produce value for the customers and stockholders of both companies by capitalising on attractive growth opportunities to drive combined revenues, accelerating product innovation, realising 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.” 

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