Getty Images and Shutterstock, two of the largest photo agencies in the world, have announced plans to merge, creating a major force in the visual content industry.

The newly formed company, to be called Getty Image Holdings, will combine their extensive image libraries and is expected to achieve cost savings of $150–$200 million within three years of the merger’s completion. The combined entity will be valued at approximately $3.7 billion, according to a joint statement released on Tuesday.

“With growing demand for high-quality visual content across industries, this merger is perfectly timed,” said Craig Peters, Getty Images CEO. “By leveraging our complementary strengths, we can deliver greater value to our customers, contributors, and shareholders.”

Deal Highlights

Under the agreement, Getty Images will pay $331 million in cash and issue 319.4 million shares to Shutterstock shareholders. Once the merger is finalized, Getty Images shareholders will hold a 54.7% stake in the new company, while Shutterstock shareholders will own 45.3%.

Craig Peters will continue as CEO of the new company, and Mark Getty, co-founder and current chairman of Getty Images, will serve as chairman.

A New Chapter for Getty Images

Getty Images, a global leader in stock photography, has undergone several ownership changes since its founding in 1995. It first went public in 1996 but was taken private in 2008. In 2018, the Getty family regained control, purchasing Carlyle Group’s 51% stake. Getty Images returned to the stock market in 2021 with a valuation of $4.8 billion.

The merger represents a significant consolidation in the visual content market, with the combined company set to remain listed on the New York Stock Exchange.