Shares of Shutterstock Inc. (NYSE: SSTK) rose 3.8% and Getty Images Holdings Inc. (NYSE: GETY) surged 11.3% following the shareholders’ approval of a proposed merger between the two leading visual content providers. The shareholder vote, in which approximately 82% of Shutterstock’s issued and outstanding common stock supported the transaction, marks a critical milestone in the companies’ plan to form a single, global visual content powerhouse.
The newly combined entity, to be named Getty Images Holdings, Inc., will continue trading on the New York Stock Exchange under the ticker “GETY.” The transaction, first announced in January 2025, is expected to close in the second half of the year, pending regulatory approvals and other customary conditions.
“This merger is transformational,” said Paul Hennessy, CEO of Shutterstock. “We are very pleased that our stockholders recognize the compelling rationale of this transaction and look forward to completing the merger with Getty Images.”
The deal, described as a “merger of equals,” aims to bring together two complementary content portfolios to better serve customers across creative, media, and advertising industries. Together, the companies will offer a vast collection of still images, video, music, 3D content, and editorial coverage.
Craig Peters, CEO of Getty Images, who will lead the combined company, called the merger “a unique opportunity to unlock value” through content expansion, innovation in technology, and operational synergies.
“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,” Peters said.
Financial Profile and Strategic Benefits
On a pro forma basis, the merged entity is expected to generate revenues of up to $1.99 billion in 2024, with subscription services accounting for 46% of that figure. Pre-synergy EBITDA is forecasted to reach up to $574 million.
The merger is also expected to deliver substantial cost savings. The companies project annual run-rate synergies between $150 million and $200 million within three years of closing—two-thirds of which are expected to be realized in the first 12 to 24 months. These savings will primarily stem from streamlined general and administrative expenses and capital expenditure efficiencies.
According to the deal structure, Shutterstock shareholders will be able to elect one of three consideration options: $28.85 in cash per share, 13.67 shares of Getty Images stock per share, ora mixed consideration of 9.17 Getty shares and $9.50 in cash per Shutterstock share.
The total consideration is expected to include approximately $331 million in cash and 319.4 million Getty Images shares, giving Shutterstock shareholders a 45.3% stake in the new company. Getty Images shareholders will hold the remaining 54.7%.
Leadership and Governance
Craig Peters will serve as Chief Executive Officer of the combined entity, while Paul Hennessy will join the board of directors, which will comprise 11 members—six from Getty Images and four from Shutterstock. Mark Getty, co-founder and current Chairman of Getty Images, will serve as Chairman of the Board.
Forward Path
The merged company is positioning itself to accelerate investment in technology innovation—including in areas such as search functionality, 3D imagery, and generative AI—and to enhance content offerings and global event coverage. Additionally, the companies plan to offer expanded opportunities for contributors, while maintaining a commitment to inclusive and representative visual content.
Pending regulatory approval, the companies expect to finalize the transaction in the second half of 2025. Financial advisors include Allen & Company for Shutterstock and Berenson & Company and J.P. Morgan Securities for Getty Images. Legal counsel is provided by White & Case LLP for Shutterstock and Skadden, Arps, Slate, Meagher & Flom LLP for Getty Images.
