Getty Photos and Shutterstock are becoming a member of forces in a merger valued at round $3.7 billion, the companies announced on Tuesday. The merger will enable the businesses to develop their inventory picture libraries as they face rising competitors from AI-powered picture creation instruments.
Getty Photos CEO Craig Peters will stay the pinnacle of the mixed corporations when the merger closes, whereas a reworked board of administrators will include members from each Getty Photos and Shutterstock, together with Shutterstock CEO Paul Hennessy. Within the press launch, Peters mentioned the merger will bolster the businesses by “enhancing our content material choices, increasing occasion protection, and delivering new applied sciences to raised serve our clients.”
Shutterstock will stay a separate web site following the merger, Getty Photos spokesperson Anne Flanagan confirmed to The Verge.
