Getty Photographs and Shutterstock are becoming a member of forces in a merger valued at round $3.7 billion, the companies announced on Tuesday. The merger will enable the businesses to develop their inventory picture libraries as they face growing competitors from AI-powered picture creation instruments.
Getty Photographs CEO Craig Peters will stay the pinnacle of the mixed corporations 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 stated the merger will bolster the businesses by “enhancing our content material choices, increasing occasion protection, and delivering new applied sciences to raised serve our prospects.”
Shutterstock will stay a separate web site following the merger, Getty Photographs spokesperson Anne Flanagan confirmed to The Verge.
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