Getty Images cancels $3.7 billion Shutterstock merger over UK restrictions

Getty Images has moved to terminate a $3.7 billion merger with rival Shutterstock due to restrictions imposed by UK regulators, according to a report by The Wall Street Journal. The deal, announced in January 2025, aimed to create a stock photo giant capable of competing with AI-generated imagery. The combined entity would have been called Getty Images Holdings Inc., described as "transformational" by Getty CEO Craig Peters.

The U.S. Department of Justice had already granted "unconditional antitrust clearance" for the merger. However, the UK's Competition and Markets Authority (CMA) announced in May that it would not approve the deal unless Shutterstock sold its global editorial business, including its celebrity and news photo agencies. The CMA stated that "a loss of competition between the two businesses would reduce choice for UK media outlets and could lead to higher prices."

In response, Getty's board unanimously decided "not to proceed with the process to sell Shutterstock's editorial business... and to terminate the merger agreement," as per its SEC filing. The deal is now dead unless there is a "material change in the aforementioned circumstances" before July 7.

Both Getty and Shutterstock recently inked deals with OpenAI, allowing their watermarked images to appear in ChatGPT search results. Despite their prevalence on social media, major media sites have largely avoided AI-generated imagery. The UK's restrictions also highlight the challenges Paramount faces with its Warner Brothers Discovery merger, despite U.S. approval.