Getty Images Holdings, Inc. (NYSE: GETY) and Shutterstock (NYSE: SSTK) announced that they entered into a definitive merger agreement to combine in a merger of equals transaction, creating a premier visual content company.
The combined company, which would have an enterprise value of approximately $3.7 billion[i], 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 the benefit of customers, expanded opportunities for its contributor community and a reinforced commitment to the adoption of inclusive and representative content. Furthermore, the stronger financial profile of the combined company is expected to create increased capacity for product investment and innovation for customers in a fast‑evolving and highly competitive environment.
“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,” said Craig Peters, CEO, Getty Images. “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.”
“We are excited by the opportunities we see to expand our creative content library and enhance our product offering to meet diverse customer needs,” said Paul Hennessy, CEO, Shutterstock. “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.”
Anna Melnykova, "Palace of Labor (palats praci), architector I. Pretro, 1916", shot with analog Canon camera, 35 mm Fuji film in March 2022.
ArtDependence Magazine is an international magazine covering all spheres of contemporary art, as well as modern and classical art.
ArtDependence features the latest art news, highlighting interviews with today’s most influential artists, galleries, curators, collectors, fair directors and individuals at the axis of the arts.
The magazine also covers series of articles and reviews on critical art events, new publications and other foremost happenings in the art world.
If you would like to submit events or editorial content to ArtDependence Magazine, please feel free to reach the magazine via the contact page.
