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Two giants of the stock image industry, Getty Images and Shutterstock, are merging to create a $3.7 billion powerhouse built for the age of artificial intelligence. According to a report by Reuters on Tuesday,

This news was welcomed by investors of both companies, with GETY stock rising 25% and SSTK stock rising 14% on Tuesday, January 7.

Under the terms of the agreement, the combined company will retain the Getty Images name and continue trading under the NYSE ticker symbol "GETY." Craig Peters, current CEO of Getty Images, will lead the merged entity, while Shutterstock's CEO Paul Hennessy will join the eleven-member Board of Directors.

News of the merger sent Getty stock surging by nearly 60% in pre-market trading on Tuesday. The stock was selling at $2.57 a share on Monday.

The deal, presented as a merger of equals, will create a company worth $3.7Bn with annual revenue of around $2Bn.

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Getty’s acquisition of Shutterstock could influence the future of creative assets. Learn its impact on SEO, content visibility and more.