Getty Images, Shutterstock gear up for AI challenge with $3.7 billion merger
The Deal Could Generate Up To $200 Million in Cost Savings Three Years After its Close
Getty Images (GETY.N), opens new tab said on Tuesday it would merge with rival Shutterstock (SSTK.N), opens new tab to create a $3.7 billion stock-image powerhouse geared for the artificial intelligence era, in a deal likely to draw antitrust scrutiny. The companies, two of the largest players in the licensed visual content industry, are betting that the combination will help them cut costs and grow their business by unlocking more revenue opportunities at a time when the growing use of generative AI tools such as Midjourney poses a threat to the industry.
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