The Competition and Markets Authority has set out a clear warning to Getty Images and Shutterstock: their planned merger will only proceed if it preserves meaningful competition in the UK market for editorial content.
In its interim remedies report, the CMA reaffirmed its provisional finding that the deal could lead to a substantial lessening of competition. Both companies are key suppliers of editorial images used by media organisations, covering news, sport, and entertainment. Customers consistently view Shutterstock as one of the few credible alternatives to Getty, making the loss of rivalry particularly concerning.
The merging parties attempted to address these concerns by offering to divest Shutterstock’s Backgrid and Splash brands, which specialise in entertainment and paparazzi content. However, the CMA has provisionally rejected this proposal, concluding it falls short. The regulator considers Shutterstock’s core editorial business—spanning news, sport and archives—to be central to competition with Getty, and therefore essential to any effective remedy.
Instead, the CMA has identified a broader divestiture as its preferred solution. This would involve selling most of Shutterstock’s editorial operations, including its flagship editorial unit alongside Backgrid and Splash. According to the authority, such a measure would remove the overlap driving competition concerns and help restore market dynamics similar to those before the merger.
Notably, the CMA indicated that the divested businesses could be split and sold to multiple buyers. Given their relative independence, separate sales could even strengthen competition by creating several smaller rivals rather than a single replacement player.
At the same time, the regulator has not ruled out prohibiting the merger entirely. While more intrusive, a prohibition would fully eliminate the risk to competition by maintaining the current market structure.
Getty and Shutterstock have argued the deal would generate efficiencies, particularly in responding to the rise of AI and expanding content distribution. But the CMA has so far found limited evidence that such benefits would materialise or reach customers.
For now, the message is pragmatic but firm: the merger may proceed, but only with substantial structural remedies. Without them, the deal risks being blocked altogether.
