Getty Images and Shutterstock have agreed to a merger that will revolutionise the world of visual content. With an enterprise value of approximately $3.7 billion, the two companies will combine to create a single leading company in the visual content industry. The merger aims to expand both companies’ content libraries, offering customers greater depth and breadth.

Craig Peters, CEO of Getty Images, said the merger is exciting and transformational for the companies. ‘It unlocks many opportunities to strengthen our financial foundation and invest in the future, including enhancing our content offerings, expanding event coverage and introducing new technologies to better serve our customers,’ Mr Peters said. Paul Hennessy, CEO of Shutterstock, said they are excited to expand their creative content library and enhance their product offerings to meet a variety of customer needs.

The combined company will continue to trade on the New York Stock Exchange under the symbol ‘GETY’ and is expected to realise annual cost synergies of $150 to $200 million by year three. The merger will drive further investment in the visual content industry in areas such as innovative content creation, expanded event coverage and customer-centric technologies.

The merger is considered a major step forward in the world of visual content and is expected to deliver exceptional value to customers, contributors and shareholders of both companies