Getty terminates Shutterstock merger over UK competition conditions
Getty Images Holdings Inc on Wednesday announced the termination of its planned USD3.7 billion merger with Shutterstock Inc.
The image licensing firms had agreed to merge in January, 2025. However, in April of that year, the US Department of Justice flagged concerns that the merger could weaken competition, while the UK Competition & Markets Authority issued an invitation to comment in late June.
In May, the UK regulator approved the deal, but this was conditional on the sale of Shutterstock's editorial business. Its inquiry group had found that without a disposal, the business, which provides editorial content for news outlets, would limit UK media outlets' choices and could increase prices for customers.
"Getty Images is not required to accept that condition under the terms of the merger agreement," the company said on Wednesday.
Getty said its board on Tuesday resolved not to sell the editorial business, and to terminate the merger agreement following the passage of its second extended end date of Monday.
It added that following the termination of the deal, its 10.500% senior secured notes due 2030 will be subject to a special mandatory redemption.
Getty also intends to retain a financial advisor to consult on the strategic financing alternatives available to it.
Getty shares were down 5.7% pre-market at 82 US cents in New York on Wednesday. Shutterstock was down 32% at USD9.45 each.
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