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Getty Images to buy Shutterstock as part of $3.7 billion visual content expansion
The licensed visual content industry faces threats from generative AI tools such as Midjourney and OpenAI’s DALL-E.
The deal will help the companies in enhancing “content offerings, expanding event coverage and delivering new technologies,” said Craig Peters, CEO of Getty Images. Peters will serve as the CEO of the combined company, of which Getty Images investors will own about 54.7% and Shutterstock stockholders will own the rest. It will be named Getty Images Holdings and will continue to trade on the New York Stock Exchange under the ticker symbol “GETY.”
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