Getty Images terminated its planned merger with Shutterstock in July 2026 after the UK Competition and Markets Authority (CMA) conditioned clearance on a sale of Shutterstock's editorial business. Getty's board decided on June 30, 2026 not to pursue that sale, and the agreement ended after its July 6, 2026 extended end date. The companies had announced a deal valuing the combined company at about USD 3.7 billion.
What was the Getty Images and Shutterstock merger?
Getty Images and Shutterstock announced a merger of equals on January 7, 2025, according to their joint press release. The combined company would have had an enterprise value of about USD 3.7 billion and would have been named Getty Images Holdings, Inc., trading as GETY.
The companies projected annual cost synergies of USD 150 million to USD 200 million by year three. Shutterstock stockholders approved the merger on June 10, 2025, with about 82 percent of outstanding shares voting in favor, according to Shutterstock.
Why did the UK CMA hold up the merger?
The UK Competition and Markets Authority (CMA) held up the merger because the regulator concluded that a loss of competition between Getty Images and Shutterstock could reduce choice for UK media outlets and raise prices, Engadget reported. The CMA said it would not approve the deal unless Shutterstock sold its global editorial business, including its celebrity and news photo agencies.
Getty Images' annual report records that the CMA referred the merger to a Phase 2 review on November 3, 2025 and issued a provisional decision on February 19, 2026. The US Department of Justice had granted unconditional antitrust clearance earlier in 2026, according to Engadget.
What is the timeline of the Getty and Shutterstock deal?
The Getty Images and Shutterstock deal ran from a January 2025 agreement to a July 2026 termination. The table lists each step with its source.
| Date |
Event |
Source |
| January 6, 2025 |
Getty Images and Shutterstock sign the merger agreement |
Getty Images annual report |
| June 10, 2025 |
Shutterstock stockholders approve the merger |
Shutterstock |
| November 3, 2025 |
CMA refers the merger to a Phase 2 review |
Getty Images annual report |
| February 19, 2026 |
CMA issues a provisional decision |
Getty Images annual report |
| May 2026 |
CMA says it will not approve the deal unless Shutterstock sells its editorial business |
Engadget |
| June 30, 2026 |
Getty's board resolves not to pursue the sale and to terminate the agreement |
Getty Images SEC filing, summarized by TipRanks |
| July 6 and 7, 2026 |
The second extended end date passes and Getty delivers formal termination notice |
TipRanks |
What happened to Getty's financing after the termination?
Getty Images said it would redeem its 10.500% senior secured notes due 2030 under a special mandatory redemption once the merger agreement ended, according to its SEC filing as summarized by Stock Titan. Getty Images' board also said it intended to retain a financial advisor to evaluate strategic financing alternatives.
What does the termination mean for stock image companies?
Analysts quoted by Reuters and PetaPixel said the merger would have given Getty Images and Shutterstock scale but would not have removed competitive pressure on the stock photography business. Luke Stillman of the advisory firm Madison and Wall told Reuters that scale might only have delayed competitive pressure, and that the outlook for each company looks harder without it.
Background on Shutterstock includes the EPR Shutterstock logo redesign case study and the EPR AI licensing tracker covering developer content deals.
