On 20 October 2025, Shutterstock, Inc. (NYSE: SSTK) received notice from the UK Competition and Markets Authority that it intends to refer the proposed merger with Getty Images Holdings, Inc. to a Phase 2 review unless acceptable undertakings are offered. The CMA’s referral introduces a regulatory hurdle that will extend the merger timeline, potentially delaying the completion of the transaction.
The proposed merger, which has been approved by Shutterstock shareholders, is valued at about $3.7 billion including debt. The deal would combine Shutterstock’s extensive library of licensed assets with Getty Images’ premium content, creating a leading visual‑content platform with a combined addressable market in the billions of dollars. The regulatory review is a critical step that could affect the timing and terms of the transaction, and therefore has a direct impact on shareholder value.
For investors, the CMA’s action signals that the merger’s completion is no longer guaranteed on the previously expected schedule. The regulatory hurdle may require additional concessions or adjustments to the deal structure, which could influence the valuation and the anticipated synergies. As a result, shareholders should monitor the CMA’s progress and any subsequent undertakings that Shutterstock and Getty Images may offer to secure clearance.
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