Getty Photographs 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 permit the businesses to increase their inventory photograph libraries as they face growing competitors from AI-powered picture creation instruments.
Getty Photographs CEO Craig Peters will stay the top of the mixed firms when the merger closes, whereas a reworked board of administrators will encompass members from each Getty Photographs 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 higher serve our clients.”
Shutterstock will stay a separate web site following the merger, Getty Photographs spokesperson Anne Flanagan confirmed to The Verge.
