The UK Competition and Markets Authority released provisional findings on February 19 2026 regarding the proposed merger between Shutterstock, Inc. and Getty Images. The deal, announced in January 2025, values the transaction at approximately $3.7 billion and is structured as a merger of equals, with Getty shareholders expected to hold 54.7% of the combined entity and Shutterstock shareholders 45.3%.
The CMA’s findings focus on the UK editorial market, where the combined company could become the dominant supplier of editorial images. The regulator warns that such dominance could substantially lessen competition, potentially leading to higher prices or reduced quality for consumers. If the CMA’s concerns are upheld, the merger could be delayed or require significant concessions, undermining Shutterstock’s strategy to consolidate its position.
Shutterstock’s Q4 2025 earnings, released on February 17 2026, showed a net loss of $16.0 million, a 12% decline in revenue compared with the same quarter a year earlier, and a 21% drop in adjusted EBITDA. The decline is largely driven by a weaker core content business, while the Data, Distribution, and Services segment grew, accounting for 14% of total revenue. The loss reflects the company’s ongoing challenges in its legacy content operations.
CEO Paul Hennessy said the company remains committed to working with the CMA and the U.S. Department of Justice to address regulatory concerns. He highlighted that 2025 saw record revenue and adjusted EBITDA, driven by the Data, Distribution, and Services business, even as the content business faced headwinds. The company’s willingness to cooperate signals confidence that the merger can still proceed once regulatory hurdles are cleared.
Investor sentiment has been muted, with the stock trading near its 52‑week low after the CMA announcement and the earnings release. The market reaction reflects uncertainty over the merger’s approval and the company’s recent financial performance, which together suggest a cautious outlook for the combined entity.
If approved, the merger would create a global stock‑content duopoly, expanding the combined library and enabling greater investment in generative‑AI tools. Analysts estimate that the deal could generate $150‑$200 million in cost savings within three years, reinforcing the strategic rationale behind the transaction.
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