Key facts
- Getty Images has terminated its $3.7 billion merger with Shutterstock.
- The UK's Competition and Markets Authority (CMA) demanded Shutterstock sell its editorial business.
- Getty's board rejected the CMA's condition.
- Getty cited concerns about reduced competition and higher prices for UK media outlets.
- The deal was valued at $3.7 billion.
Getty Images has officially called off its proposed $3.7 billion merger with Shutterstock. The decision comes after the UK's Competition and Markets Authority (CMA) imposed a condition that Shutterstock must divest its editorial business for the deal to proceed. Getty's board reviewed this requirement and ultimately rejected it, expressing concerns about the potential impact on competition within the UK market. The company believes that forcing Shutterstock to sell its editorial arm would lead to reduced competition and could result in higher prices for media outlets operating in the United Kingdom. This move effectively halts a significant consolidation in the stock imagery industry, leaving both companies to continue operating independently under the shadow of the CMA's intervention.