The UK Competition and Markets Authority (CMA) has warned that the proposed acquisition of Shutterstock, Inc. by Getty Images Holdings, Inc. could significantly reduce competition in both the editorial content and stock imagery markets. As Antitrust Intelligence predicted, the CMA is likely to open a second phase investigation.
Following a Phase 1 investigation, the CMA found a realistic prospect of a substantial lessening of competition, both in the supply of editorial content within the UK and in the global supply of stock content, including to UK customers. The authority’s assessment focused on horizontal unilateral effects, noting that the merged entity could diminish competitive pressure by removing one of the few close rivals in each market.
The acquisition, announced on 6 January 2025, involves Getty Images purchasing Shutterstock for approximately £245 million in cash and 319.4 million shares of Getty Images stock, creating a combined group with an enterprise value exceeding £3 billion. The deal is also under review by the United States Department of Justice.
The CMA’s investigation found that Getty Images and Shutterstock are two of the main suppliers in their markets. Getty Images is the market leader in editorial content, while Shutterstock is regarded as one of the few credible alternatives, particularly in entertainment and archive photography. Other suppliers, including PA Media/Alamy, Reuters, and Associated Press, provide more narrowly focused offerings and operate under different commercial models. In stock imagery, Getty Images and Shutterstock are seen as each other’s closest competitors alongside Adobe Stock, with other providers such as Canva serving narrower segments and relying on external content, including from Getty Images itself.
UK media, creative, and publishing organisations, including the News Media Association, expressed broad concerns that the merger could lead to higher prices, reduced service quality, and fewer options for customers.
The CMA also found that new entry or expansion would be unlikely to offset any reduction in competition. Barriers such as the cost of building extensive image libraries, establishing contributor networks, and securing editorial access to major events would prevent competitors from scaling quickly enough to constrain the merged entity. The authority examined the potential role of generative AI as an alternative source of imagery but concluded that, while technology is developing, it does not yet provide an effective competitive constraint due to concerns around authenticity, quality, and licensing. Internal documents indicated that Getty Images and Shutterstock are well positioned to develop their own AI-based offerings, which could further strengthen their market position.
The CMA has given the parties until 27 October 2025 to propose undertakings to address the competition concerns. If satisfactory remedies are not offered, the merger will be referred for a full Phase 2 investigation under the Enterprise Act 2002.
The decision underscores the CMA’s continued vigilance over digital content markets and follows a series of recent investigations into large-scale mergers in the creative and media sectors.
