(Credit: Tiffany-Hagler-Geard/Bloomberg via Getty Images)
Getty Images and Shutterstock are two of the most popular sites on the internet for finding stock images, and the two will now join forces in what Getty Images is calling a "merger of equals."
"Today’s announcement is exciting and transformational for our companies, unlocking multiple opportunities to strengthen our financial foundation and invest in the future—including enhancing our content offerings, expanding event coverage, and delivering new technologies to better serve our customers," Getty Images CEO Craig Peters says.
The deal serves both companies in varying ways. Getty estimates that the companies will save $150 million and $200 million in operating and capital expenses, respectively. That money will "create increased capacity for product investment and innovation for customers in a fast-evolving and highly competitive environment."
Per Getty, the merger will also allow the new company to create a "broader set of visual content products across still imagery, video, music, 3D, and other asset types," including generative AI. There are also plans to improve other site functionality.
The next step is for stockholders from both companies to vote on the merger. Both companies will also have to wait for regulatory approval and debts will have to be extended or refinanced.
Getty Images and Shutterstock's merger comes at the tail end of the Biden administration, which has taken a tough stance on mergers due to antitrust concerns. It's unclear if Trump's more merger-friendly approach will affect the deal between the two commercial media giants.