The UK Competition and Markets Authority (CMA) has proposed accepting binding undertakings from Getty Images and Shutterstock that would allow their planned merger to proceed, provided the companies divest a substantial portion of Shutterstock’s editorial content business.
The remedies follow the CMA’s May 2026 final report, which concluded that Getty’s acquisition of Shutterstock could substantially lessen competition in the UK market for editorial content. The regulator identified concerns that the combination would significantly reduce rivalry in the supply of celebrity, entertainment, news and archival imagery licensed to media organizations.
To address those concerns, the CMA is requiring the sale of Shutterstock’s global editorial operations conducted under the Rex Features, Splash News and Backgrid brands. The divestment package also includes editorial content distributed through Shutterstock Editorial platforms and websites.
According to the proposed final undertakings, the businesses to be sold include major editorial archives, licensing agreements, contributor and agency partnerships, customer contracts, technology platforms, and intellectual property associated with the three brands. The divestment package reportedly contains approximately 188 million editorial images spanning entertainment, paparazzi, news and archival photography.
The undertakings also impose strict operational safeguards before the sale is completed. Getty would be prohibited from completing the merger until the CMA approves both the purchaser and the final sale agreements. The regulator would also retain powers to appoint monitoring trustees, divestiture trustees, or hold-separate managers if it believes the assets are at risk of deterioration or the disposal process is delayed.
The proposed remedies require the divested business to remain operationally independent during the transition period. Getty and Shutterstock would be barred from integrating the editorial assets, transferring sensitive business information, or moving key staff between operations before the sale is finalized.
In addition, the merged company would face temporary restrictions on soliciting key employees, contributors, content partners and exclusive event credentials transferred to the buyer. Shutterstock would also be required to provide transitional support services, including IT, operational and back-office assistance, to help the purchaser operate the business independently after the sale.
The CMA stated that the divestment buyer must have the financial resources, operational expertise and commercial incentives necessary to maintain effective competition in the editorial content market.
The regulator has opened a public consultation on the proposed undertakings, with comments due by June 24, 2026. If finalized without significant modification, the commitments would formally clear one of the largest consolidations in the global stock image and editorial photography industry.
