Both firms initially entered the agreement to counteract the rise of AI‑generated imagery.
Smith Collection / Gado via Getty Images
Getty Images announced that it is terminating its $3.7 billion merger with Shutterstock as a result of regulatory constraints imposed by the United Kingdom. The termination underscores that U.S. antitrust clearance alone is insufficient for the transaction to proceed.
In January 2025, Getty and Shutterstock unveiled a proposed merger intended to create a dominant stock‑photo entity capable of confronting the surge of AI‑generated imagery. The combined entity would operate under the name Getty Images Holdings Inc., a structure Craig Peters called “transformational.”
The U.S. Department of Justice had already granted unconditional antitrust clearance earlier this year. In May, however, the UK Competition and Markets Authority indicated it would not approve the merger unless Shutterstock divested its worldwide editorial portfolio, which includes celebrity and news photography agencies. The regulator argued that diminished competition could limit options for UK media and drive up prices.
Faced with those conditions, Getty’s board unanimously resolved not to pursue the sale of Shutterstock’s editorial assets and to terminate the merger agreement, as disclosed in its SEC filing. The transaction thus remains terminated unless a material change occurs before July 7.
Both companies recently entered agreements with OpenAI that permit their watermarked assets to appear in ChatGPT search results. Although AI‑generated images have become widespread on social platforms, many major media outlets continue to steer clear of them. Moreover, the UK’s regulatory stance illustrates the broader challenges confronting Paramount’s proposed blockbuster merger with Warner Bros. Discovery, even though the U.S. Department of Justice has given its blessing.
