Getty scraps $3.7B Shutterstock merger over UK conditions
What's the deal? Getty Images has moved to terminate its $3.7 billion merger with rival Shutterstock, rejecting conditions set by UK regulators.
Getty's board unanimously resolved on June 30 not to sell Shutterstock's editorial business — a divestiture the UK Competition and Markets Authority demanded to approve the tie-up.
The deal, first announced in January 2025, aimed to create a stock photo giant capable of weathering AI image competition.
Why now? The two stock photo companies had cleared major hurdles, including unconditional antitrust approval from the US Department of Justice earlier this year.
But in May, the CMA said it would only approve the merger if Shutterstock sold its global editorial arm, including its celebrity and news photo agencies.
The regulator argued that losing competition between the two would reduce choice for UK media outlets and could push prices higher. Getty says it is not required to accept that condition.
What could go wrong? The termination triggers a special mandatory redemption of Getty's 10.5% senior secured notes due 2030, under an indenture dated October 21, 2025.
Getty's board plans to retain a financial advisor to weigh strategic financing alternatives. The deal is dead barring a material change before July 7.
The signal: The collapse shows US approval alone no longer guarantees a global deal gets done.
Both companies had recently struck deals with OpenAI, allowing their watermarked images to appear in ChatGPT search results.
Yet major media sites have largely avoided AI-generated imagery, undercutting the urgency that drove the merger. The UK's stance also hints at the risks facing ParamountDealroom has a profile for this one. Try Dealroom →'s Warner Bros. DiscoveryDealroom has a profile for this one. Try Dealroom → bid, despite its own DOJ clearance.
Read more: The Hollywood Reporter · The Wall Street Journal · Morningstar · Engadget
