The U.S. Department of Justice announced on February 23 2026 that it has unconditionally cleared the proposed merger of Getty Images and Shutterstock, removing a key regulatory hurdle for the deal. The clearance confirms that the transaction, structured as a merger of equals, meets federal antitrust standards and can proceed to the next approval stage in the United Kingdom.
The merger agreement, announced on January 7 2025, values the combined entity at an enterprise value of approximately $3.7 billion. Shutterstock shareholders will receive a mix of cash, Getty Images stock, or a combination, with exchange ratios designed to reflect the relative valuations of the two companies. The deal is expected to create a duopoly in the global stock‑content market, giving the combined firm a dominant position in licensing, data services, and AI training data.
Management has projected annual cost synergies of $150 million to $200 million by the third year after closing, driven by overlapping back‑office functions, consolidated technology platforms, and streamlined sales operations. Revenue synergies are expected to arise from cross‑selling opportunities, expanded geographic reach, and the ability to offer bundled licensing packages to enterprise customers.
The UK Competition and Markets Authority remains in the review process, having issued an interim report on February 19 2026. The CMA’s provisional findings focus on competition concerns in the UK editorial content market, where Getty Images and Shutterstock have a larger combined share, but it has not identified significant concerns in the broader global stock‑content market. The CMA is expected to issue a final decision by April 19 2026.
Getty Images’ CEO Craig Peters said, "We are very pleased with the DOJ's decision in recognizing the merits of this transaction. With today's DOJ clearance, we take a significant step forward in bringing together these two companies and unlocking opportunities to strengthen our financial foundation and invest in our future." Shutterstock’s CEO Paul Hennessy added, "By combining our complementary strengths, we will be able to deliver even better service and support for customers and contributors over time. We will continue to work alongside Getty Images to secure the remaining necessary approval for this transaction." Hennessy also noted, "This transaction is about taking a Shutterstock business that is in decline in terms of its licensing revenues and being impacted by AI, combining it with Getty and creating scale. We can't go buy a Google. We can't go buy an OpenAI. And so we need to compete in a different way."
Investor sentiment has been modestly positive following the DOJ clearance, reflecting confidence in the strategic rationale to counter AI disruption and to consolidate market power. The announcement is expected to accelerate the closing timeline and could enhance shareholder value by consolidating market share and expanding the combined entity’s global reach.
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