The UK’s Competition and Markets Authority (CMA) has announced that the anticipated merger between Getty Images Holdings and Shutterstock, Inc. may proceed, but only on the condition that Shutterstock divests its entire editorial business. The decision, published on May 15, 2026, follows an intensive Phase 2 investigation into the deal, which was valued at over £3 billion.
Focus on UK Editorial Competition
The CMA’s independent inquiry group determined that while the merger does not threaten global competition in the “stock content” market (creative pre-shot imagery), it poses a significant threat to the supply of “editorial content” within the United Kingdom. Editorial content—encompassing live news, sports, and celebrity photography—is vital for UK media outlets and broadcasters.
The investigation revealed that Getty is the clear market leader in the UK. Shutterstock, through its flagship brand and recently acquired subsidiaries like Splash News and Backgrid, serves as one of the few meaningful alternatives. The CMA concluded that merging these two entities would result in a substantial lessening of competition, likely leading to higher licensing fees for newsrooms and reduced variety for consumers.
Required Divestiture
To resolve these antitrust concerns, the CMA rejected a “partial” divestiture proposal that would have seen Shutterstock sell only its paparazzi-focused brands (Backgrid and Splash). Instead, the regulator mandated a “Wider Shutterstock Editorial Divestiture.” This requires the sale of Shutterstock’s entire global editorial arm—including its news, sport, and entertainment archives—to a CMA-approved purchaser.Margot Daly, chair of the inquiry group, emphasized that this remedy ensures UK media organizations maintain access to competitive pricing and diverse imagery for breaking news and cultural events.
Path to Completion
The parties have estimated that the merger will generate annual cost synergies of $150–200 million, primarily within their combined stock content operations. By requiring the sale of the editorial business—which the parties previously described as “peripheral” to their core strategy—the CMA allows the broader merger to move forward while preserving competition in the sensitive media sector. The businesses now have a 12-week window to implement the remedy through final undertakings or orders. If a suitable buyer is not secured and approved, the merger faces potential prohibition.
