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% in premarket trading, while shares of Getty Images were up 18.7%.
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. - Reuters
