Britain’s Competition and Markets Authority (CMA) has opened an investigation into the $3.7 billion merger between Getty Images and Shutterstock.
The Phase 1 inquiry began on August 22, 2025, with the regulator setting October 20, 2025 as the deadline for its initial decision.
The CMA is examining whether the merger may lead to a “substantial lessening of competition” in the United Kingdom, as provided under the Enterprise Act 2002. If serious risks are found, the case will move to a Phase 2 probe, which could delay or even block the transaction.
The deal, announced in January 2025, would create one of the most powerful forces in global stock photography, with projected annual revenues approaching $2 billion.
Getty, Shutterstock Plan Merger to Strengthen Market Position
Under the agreement, Getty shareholders will control 54.7% of the new company, while Shutterstock investors will hold 45.3%. Shutterstock shareholders will also receive $9.50 in cash and 9.17 Getty shares for each of their holdings, subject to proration. Craig Peters, Getty’s chief executive, is expected to lead the combined entity.
In the United States, the Department of Justice issued a “Second Request” in February, pointing to more antitrust issues. Similar reviews are also underway in the European Union and Asia. Both companies have pledged to fully cooperate with regulators across all jurisdictions.
Shutterstock shareholders have already shown their support, with 82% voting in favour of the deal earlier this month. Analysts estimate that the merger could generate between $150 million and $200 million in cost savings over three years, primarily by reducing duplication and sharing infrastructure.
Beyond regulatory cases, experts warn of wider consequences. The global stock image market is valued at more than $4 billion, and Getty Images and Shutterstock together control a large slice of it even before the merger.
By joining forces, the companies plan to increase investment in artificial intelligence, improve licensing systems, and compete more aggressively against rivals such as Adobe Stock, Envato, and Unsplash.
However, not everyone is optimistic. Contributors who rely on these platforms to sell their content worry that the merger could drive down royalties, reshape algorithms that rank content, and reduce the diversity of platforms available to creators.
The CMA’s initial ruling in October will reveal how the merger proceeds. If the watchdog pushes the case into a deeper review, Getty and Shutterstock face a long road before they can unite under one roof.
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