Following previous reports, Getty Images announced today that they have agreed to merge with Shutterstock, forming a new entity valued at around $3.7 billion.
Both companies are ready to focus on licensing content such as photos and videos to media entities, content publishers, and various agencies for reuse. However, since the advent of artificial intelligence, it is seen that they have received an impact on their operations.
Through this combination, Getty Images shareholders will have a 54.7% stake in the new entity called “Getty Images”, while Shutterstock shareholders will have a 45.3% stake.
For your information, Getty Images also owns services such as Unsplash, while Shutterstock has services such as Giphy and Envato under them.
Tags
BUSINESS & MONEY