Getty Images and Shutterstock will merge to form a $3.7 billion visual content company
New Delhi| Shutterstock and Getty Images have announced the merger. This would bring into being a US$3.7 billion ‘visual content’ company. The two companies said on Tuesday that their content is complementary to each other and the deal will create a wide repository of visual content products from images, videos, music, 3 D and other assets.
Craig Peters, chief executive officer (CEO), Getty Images, said in a statement Tuesday, ‘‘With demand for engaging visual content growing rapidly across various industries, there has never been a better time to come up with our two businesses.’’
Peters will serve as CEO of the joint business. Under the deal Shutterstock shareholders can choose to take approximately US$28.85 in cash for each share of the company they hold or take approximately 13.67 shares of Getty Images.
In addition Shutterstock shareholders will also have the option to take US$9.50 in cash for each share of the company, along with 9.17 shares of Getty Images. The combined company would retain the Getty Images name and continue to trade on the New York Stock Exchange under the ticker symbol of Getty.
