The UK Competition and Markets Authority (CMA) has referred Getty Images Holdings Inc.’s proposed acquisition of Shutterstock Inc. to an in-depth Phase 2 investigation, citing concerns that the merger could restrict competition in the supply of editorial and stock imagery.
Following its Phase 1 inquiry, the CMA found that combining the two global image licensing companies—together valued at more than £3 billion—may lead to higher prices, worse commercial terms, or reduced quality for UK customers. Both Getty and Shutterstock license digital content, including photographs, illustrations, videos, and music, to media organizations, advertisers, publishers, designers, and small and medium-sized businesses across the creative sector.
The CMA examined the deal’s potential effects on two key areas of competition: editorial content, such as imagery of newsworthy events, public figures, and landmarks, where UK-focused material is particularly important for domestic media outlets; and stock content, consisting of pre-existing imagery licensed for commercial purposes like advertising and marketing, where suppliers compete globally but localized content remains valuable to UK customers.
During the initial review, the regulator received widespread feedback from media companies, trade associations, and other stakeholders, including the News Media Association, which represents around 900 UK media titles. Many expressed concerns that the merger could reduce choice, raise costs, or diminish service quality for buyers who rely heavily on licensed imagery.
Getty and Shutterstock submitted a package of remedies late in the Phase 1 process, but the CMA determined that these measures did not adequately address the competition issues identified. Consequently, the case has been referred to an independent Phase 2 inquiry panel, which will examine in greater detail whether the merger would result in a substantial lessening of competition in UK markets for editorial and stock imagery. The panel is expected to report its findings by 19 April 2026.
The transaction is also under review by the United States Department of Justice. The CMA’s referral underscores its determination to scrutinize major mergers in the digital content sector and ensure that market concentration does not undermine competition or harm customers in the UK’s creative industries.
