Getty Images
Credit: iStock Photo
Getty Images said on Tuesday it will merge with rival Shutterstock to create a $3.7 billion stock image powerhouse in a deal that would help the companies navigate the AI era, but likely attract antitrust scrutiny.
Shutterstock's shares were up 9.9 per cent in premarket trading, while shares of Getty Images were up by 18.7 per cent.
The combined company will be named Getty Images Holdings Inc and will continue to trade on the New York Stock Exchange under the ticker symbol "GETY".
At close, Getty Images' CEO, Craig Peters, will serve as CEO of the combined company.
Getty competes with Reuters and the Associated Press in providing photos and videos for editorial use. (Reporting by Rishi Kant in Bengaluru; Editing by Shounak Dasgupta and Pooja Desai)