Get the latest tech news
Getty Images and Shutterstock to Merge
, Creating a Premier Visual Content Company Jan 7, 2025 - Merged company will be well‑positioned to meet the evolving needs of creative, media, and advertising industries through combined investment in content creation, event coverage, and product and technology innovation - Expected annual cost synergies between $150 million and $200 million by year three - Expected to be accretive to earnings and cash flow beginning in year two - Companies will hold conference call to discuss the transaction with investment community today at 8.30a.m. EST NEW YORK, January 7, 2025 – Getty Images Holdings, Inc.
“Today’s announcement is exciting and transformational for our companies, unlocking multiple opportunities to strengthen our financial foundation and invest in the future—including enhancing our content offerings, expanding event coverage, and delivering new technologies to better serve our customers,” said Craig Peters, CEO, Getty Images. “We expect the merger to produce value for the customers and stockholders of both companies by capitalizing on attractive growth opportunities to drive combined revenues, accelerating product innovation, realizing significant cost synergies and improving cash flow. Fueled by millions of creators around the world and a fearless approach to product innovation, Shutterstock is the leading global platform for licensing from the most extensive and diverse collection of high‑quality 3D models, videos, music, photographs, vectors and illustrations.
Or read this on Hacker News
