Two of the world’s biggest visual content marketplaces, Getty Images and Shutterstock, are merging. The companies jointly announced Tuesday the creation of a new $3.7 billion firm, which claims to offer its customers an expanded portfolio of visual content and music.
“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,” Getty Images CEO Craig Peters said in a statement.
Peters will lead the combined company. Getty Images shareholders will own roughly 54.7 percent of the new business following the purchase, and Shutterstock stockholders will own about 45.3 percent, according to the Wall Street Journal.
“We are excited by the opportunities we see to expand our creative content library and enhance our product offering to meet diverse customer needs,” Shutterstock CEO Paul Hennessy added in the statement.
It’s unclear whether the combined business will receive antitrust approval from the Trump administration, as the President-elect’s pick to helm the Department of Justice Antitrust Division, Gail Slater, is known for an aggressive stance on regulations.
“We don’t control the timing of [the approval], but we have a high confidence. This has been a situation where customers have not had choice. They’ve always had choice,” Peters told Reuters.
