In its recent press release, Getty Images Holdings, Inc. provided an update on the progress of the proposed merger with Shutterstock. The company expressed satisfaction with the UK Competition and Markets Authority's (CMA) provisional finding that the merger is not expected to result in competition issues in the global stock content market. However, Getty Images expressed disappointment and disagreement with the CMA's provisional finding that the merger may lead to a 'substantial lessening of competition' in the UK editorial market.
Getty Images continues to engage constructively with the CMA and expects to file its response to the interim report in line with the CMA's timeline. Additionally, the company highlighted its ongoing cooperation with the U.S. Department of Justice as it continues to review the proposed merger.
In terms of financial performance and operational reach, Getty Images emphasized its position as a preeminent global visual content creator and marketplace. The company boasts a vast network of almost 600,000 content creators and over 355 content partners, enabling it to offer a wide array of content solutions to customers worldwide. Getty Images covers more than 160,000 news, sports, and entertainment events annually, demonstrating the depth and breadth of its coverage.
Furthermore, the company highlighted its commitment to leveraging generative AI technologies and tools trained on permissioned content, including indemnification and perpetual, worldwide usage rights. This approach allows Getty Images and iStock customers to use text-to-image generation to ideate and create commercially safe compelling visuals, expanding the company's capabilities to deliver precisely what customers are seeking.
Following these announcements, the company's shares moved 0.0%, and are now trading at a price of $1.30. For more information, read the company's full 8-K submission here.
