The UK Competition and Markets Authority referred the proposed merger between Getty Images Holdings, Inc. and Shutterstock Inc. to a Phase 2 review on November 3, 2025.
The transaction, announced in January 2025, carries an enterprise value of approximately $3.7 billion, not the $5.5 billion figure previously reported.
Getty offered a package of remedies to address the CMA’s concerns, but the regulator rejected them and moved the case to a more detailed investigation. The CMA cited potential for higher prices, worse commercial terms, and lower quality of editorial and stock imagery for UK customers.
Shutterstock shareholders approved the merger on June 10, 2025, and the parties had expected to close the deal in the second half of 2025. The Phase 2 referral introduces uncertainty and extends the timeline; the CMA has a statutory 24‑week deadline for its analysis, which can be extended.
The combined entity would own a library of more than 600 million images and videos, positioning it as the largest visual‑content marketplace worldwide. The merger is intended to accelerate investment in AI and subscription growth, but the CMA’s concerns focus on the potential for reduced competition in the UK market.
Financially, Getty Images reported 2024 revenue of $1.1 billion and a net loss of $0.1 billion, while Shutterstock posted 2024 revenue of $1.2 billion and a net loss of $0.2 billion. Both companies have faced negative revenue growth and margin pressure in recent years, underscoring the strategic importance of the merger for their long‑term competitiveness.
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