Shutterstock and Getty Images announced a merger, forming a combined company valued at $3.7 billion. The companies aim to offer customers a wider range of visual content, including still imagery, video, music, 3D, and more. Getty Images shareholders will hold a majority stake in the new entity, which will operate under the Getty Images brand and trade on the New York Stock Exchange.
The companies said Tuesday that they have complementary portfolios and that a merger will provide customers with a broader array still imagery, video, music, 3D and other media.“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.
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.
Its board will have 11 members, comprised of Peters, six directors designated by Getty Images and four directors designated by Shutterstock, including Hennessy. The chairman will be Mark Getty, current chairman of Seattle-based Getty Images.
Merger Shutterstock Getty Images Visual Content Stock Market
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Shutterstock and Getty Images will join to become a $3.7 billion visual content companyVisual content companies Shutterstock and Getty Images will join to become a $3.7 billion visual content company. The companies said Tuesday that they
Read more »
Getty Images Sues Stability AI for $1.7 Billion Over Copyright InfringementGetty Images is suing Stability AI for allegedly using millions of copyrighted images to train its AI image generator, Stable Diffusion.
Read more »
Google's New AI Tool, Whisk, Lets You Create Images With Other Images as PromptsGoogle has launched Whisk, an AI tool that utilizes images as prompts for generating new images. This innovative approach allows users to guide the AI by providing visual examples of the desired subject, scene, and style.
Read more »
Nosferatu: Origin Story Featurette, 2 BTS Images, And 11 New Images'The past really speaks to me. So, it's most interesting for me to think about who we are and where we are going, from where we came from.' Here’s the origin story of Nosferatu by Writer/Director Robert Eggers.
Read more »
I tried out Google’s latest AI tool that generates images in a fun, new wayGoogle's new AI tool, Whisk, generates images using only other images without requiring text prompts.
Read more »
Dow Loses Streak, Fed Meeting Looms, Automakers Merge, Government Shutdown NearsThe Dow Jones Industrial Average experiences its longest losing streak since 1978 while markets anticipate a Fed rate cut. Meanwhile, Nissan and Honda explore a potential merger, and a government shutdown looms as funding runs out.
Read more »