Photo Provider Gets Images And Shutterstock Performs Merger Worth IDR 60.1 Trillion

Illustration of Getty Images (photo: Getty Images)

Getty Images Holdings, Inc. and Shutterstock announced that the two companies had signed a merger agreement, with a company value of US$3.7 billion or around Rp.60.1 trillion.

Through this merger, the joint company will be named Getty Images Holdings, Inc. and will continue to be traded on the New York Stock Exchange with the ticker symbol GETY.

Investor Getty will own 54.7 percent of the shares of the combined company, the rest belongs to Shutterstock's shareholders.

As a joint company, Getty Images and Shutterstock will offer a larger content library for customer interests, expand opportunities for contributors, and strengthen commitments to adopt inclusive and representative content.

"With the increasing demand for interesting visual content in various industries, there's never been a better time for both of our businesses to unite," said Getty Images CEO Craig Peters in his official statement quoted Friday, January 10.

According to him, this merger will open up many opportunities to strengthen the company's financial foundations and invest in the future, including increasing content offerings and bringing new technologies to better serve customers.

Meanwhile, Shutterstock CEO Paul Hennessy hopes the merger will generate value for customers and shareholders, to drive combined revenue, accelerate product innovation, realize significant cost synergies, and increase cash flow.

Under the agreement, Getty Images CEO Craig Peters will serve as CEO of the joint company. The joint company will have eleven members of the Board of Directors.

The Board of Directors consists of Getty Images CEO Craig Peters, six directors appointed by Getty Images, and four directors appointed by Shutterstock, including Paul Hennessy, Shutterstock CEO.

The chairman of the joint company's Board of Directors is Mark Getty, who currently serves as Chairman of Getty Images.