Getty Images and Shutterstock will merge into one company valued at $3.7 billion in a deal that aims to take on competition from AI, the companies announced on Tuesday. The new premier visual content company will be called Getty Images Holdings, Inc. and, at close, Getty Images CEO Craig Peters will serve as CEO of the combined company.
The new company aims to offer a larger content library, expanded opportunities for its contributor community and a reinforced commitment to “the adoption of inclusive and representative content,” but the deal also aims to create a “stronger financial profile” and innovation for customers in “a fast‑evolving and highly competitive environment,” a nod to the growing AI threat on both of their businesses.