Visual content giants Shutterstock and Getty Images have announced plans to merge, creating a $3.7 billion powerhouse in the industry. The companies revealed on Tuesday that their collective portfolios will enable them to offer customers a more extensive range of images, videos, music, 3D content, and other media.
The newly formed entity is set to be led by Getty Images CEO Craig Peters, and would be chaired by Mark Getty, the current chairman and co founder of Getty Images.
"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.
He further added that their combined complementary strengths will allow them to better address customer opportunities while delivering exceptional value to their partners, contributors, and stockholders.
Shutterstock CEO Paul Hennessy also expressed excitement about the opportunity, "We are excited by the opportunities we see to expand our creative content library and enhance our product offering to meet diverse customer needs."
Agreement termsUnder the terms of the agreement, Getty Images shareholders will own approximately 54.7 per cent of the merged company, while Shutterstock stockholders will hold around 45.3 per cent.
Shutterstock shareholders will have the option to choose their compensation structure:
- $28.85 per share in cash for each Shutterstock share
- 13.67 Getty Images shares per Shutterstock share
- A mixed package of 9.17 Getty Images shares and $9.50 in cash per Shutterstock share.
The combined company will operate under the Getty Images name and retain its listing on the New York Stock Exchange under the ticker symbol ‘GETY.’ Its board will consist of 11 members, including six directors appointed by Getty Images and four by Shutterstock, with Mark Getty continuing as chairman.
Following the announcement, Shutterstock shares surged nearly 30 per cent in pre-market trading, while Getty Images stock soared by over 58 per cent.
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