“Getty Images Holdings Inc has agreed to buy rival Shutterstock Inc, creating a combined company with a market value of about $3.7 billion, including debt.”, — write: epravda.com.ua
Getty Images Holdings Inc has agreed to buy rival Shutterstock Inc, creating a combined company with a market value of about $3.7 billion, including debt. This is reported by the Bloomberg agency. Getty Images offered to pay about $28.85, or about 13.67 Getty Images shares, for each Shutterstock share, it said in a statement on Tuesday, confirming an earlier Bloomberg News report. Shutterstock shareholders can also choose to pay a mixed package of cash and Getty stock.Advertisement: Under the terms of the deal, Getty Images will pay $331 million in cash and 319.4 million of its own shares. Upon completion of the transaction, Getty Images owners will own approximately 54.7% of the combined company, and Shutterstock shareholders will own the remainder. Getty Images CEO Craig Peters will lead the combined company. The deal will bring together two of the largest providers of licensed visual content in the US amid the transformation of the content market driven by artificial intelligence and the cheapening of content by the proliferation of smartphone cameras. It will combine Getty Images’ vast library of photos, illustrations and videos with Shutterstock’s massive platform, which allows creators to upload their content. % of its market value since its IPO in July 2022 through a SPAC deal. Shutterstock shares fell 50% over the same period. Shares of Shutterstock surged 44% in premarket trading after the deal was announced on Tuesday, while Getty shares rose 100%. The companies hope that the merger will allow them to reduce costs, increase profitability and offer a broader set of services for the media, advertising and content industries.