The merger will combine the library of Getty Images and Shutterstock, a platform that allows creators to make money from their own content. The value of the new company is estimated at $3.7 billion.
Getty Images Holdings announced the acquisition of its competitor Shutterstock. The deal, valued at $3.7 billion, will see the two leading companies in the licensed visual content market combine their resources. Bloomberg reported this.
Getty Images will pay $331 million in cash and transfer 319.4 million of its shares. Shutterstock shareholders will have the opportunity to choose between cash, shares, or a combination of both. As a result, Getty will own 54.7% of the combined company, and Shutterstock will own 45.3%.
The merger will combine the library of Getty Images and Shutterstock, a platform that allows creators to make money from their own content. The companies plan to strengthen their market positions, optimize costs and expand offers for clients from media, advertising and other industries.
The new company will be called Getty Images Holdings. Its value is estimated at $3.7 billion.
Despite past financial woes, news of the merger sent shares soaring, with Shutterstock up 44% and Getty up 100%.
The deal is expected to generate $150 million to $200 million in annual cost savings in the combined company’s third year.
We remind you that Japanese Honda and Nissan are negotiating to strengthen ties, including a possible merger.
Source: korrespondent
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