Getty Pictures and Shutterstock are becoming a member of forces in a merger valued at round $3.7 billion, the businesses introduced on Tuesday. The merger will enable the businesses to increase their inventory picture libraries as they face rising competitors from AI-powered picture creation instruments.
Getty Pictures CEO Craig Peters will stay the top of the mixed firms when the merger closes, whereas a reworked board of administrators will include members from each Getty Pictures and Shutterstock, together with Shutterstock CEO Paul Hennessy. Within the press launch, Peters stated 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 Pictures spokesperson Anne Flanagan confirmed to The Verge.
