The decision brings to an end a transaction first announced in January 2025, when companies had hoped to combine their businesses to strengthen their place in the licensed visual content market as competition from AI image-generation platforms grows at scale.

Getty’s board approved the termination of the deal, according to a regulatory filing released on Tuesday.

Following the announcement, Shutterstock’s shares fell by more than 28% in after-hours trading in New York, closing around $10. Getty’s shares were largely unchanged.

The proposed merger had already received approval from regulators in the United States. However, the UK’s Competition and Markets Authority (CMA) said that combining the two companies would reduce competition in the market for editorial images supplied to news organisations.

In April, the regulator said Getty would have to ensure Shutterstock sold its editorial business to address those concerns. The business includes Shutterstock Editorial, Backgrid and Splash.

The CMA said at the time: “a loss of competition could lead to UK media outlets, large and small, facing a loss of choice or getting a more expensive service, with knock-on effects for consumers that rely on high-quality content to stay up to date”.

It also said selling Shutterstock’s global editorial business “would address those provisional concerns and could allow the deal to proceed”.

The regulator later gave conditional approval to the merger in May, provided the editorial division was sold. Getty instead chose to walk away from the transaction.

Neither Getty Images nor Shutterstock immediately responded to requests for comment on the merger termination.

The merger was expected to create one of the world’s largest providers of licensed photographs, videos and editorial images. Both companies supply visual content to media organisations, businesses and other customers worldwide.

The collapse of the deal leaves both companies facing pressure from the fast growth of AI-powered image-generation tools, which offer users faster and cheaper ways to create visual content.

Getty has sought to adapt by licensing its image library for AI model training under commercial agreements, while Shutterstock will now continue to operate independently after losing the expected benefits of the merger.

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The commission said businesses must seek approval where a merger or acquisition meets the thresholds set under the Federal Competition and Consumer Protection Act (FCCPA) 2018.

According to the FCCPC, the law gives it power to review transactions, approve them with or without conditions, or block them where necessary.

It said the requirement covers several forms of business combinations. These include share purchases, asset acquisitions, joint ventures and other arrangements that fall within the legal definition of a merger.

The commission explained that prior notification allows it to examine whether a proposed deal could weaken competition in any market in Nigeria or create public interest issues.

It added that the process also helps regulators track market developments and understand how competition is changing across industries.

The FCCPC urged businesses and their advisers to approach the commission early if a planned transaction may require notification.

It said early engagement, including pre-notification consultations where needed, can give parties more certainty, speed up reviews and help them meet legal obligations.

The regulator also issued a warning on non-compliance.

“The FCCPC emphasises that failure to notify a notifiable transaction constitutes a contravention of the FCCPA and shall attract stiff penalties and other enforcement actions.”

It advised parties to take all necessary steps before implementing transactions that fall within its jurisdiction.

The commission asked stakeholders seeking clarification on the mergers and acquisitions regulations to contact the FCCPC or visit its website.

It added that it is fully committed to promoting fair competition, protecting consumers and supporting a transparent business environment in Nigeria.

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Per Bloomberg, discussions are still at an early stage and there is no certainty a deal will happen. Both companies declined to comment.

Shortly after, PayPal shares rose 6.7% to $47.02 in New York on Tuesday. That gives the company a market value of about $43.3 billion.

Stripe, which is still privately held, recently confirmed a $159 billion valuation in an employee tender offer. The company was founded by brothers Patrick Collison and John Collison. It has grown into one of the most valuable financial technology firms in the world.

Speaking this week, Patrick Collison said: “PayPal has had, obviously, a tough time over the past few years and the landscape has changed quite a bit with Apple Pay and Google Pay and everything like that. I can’t talk about any, you know, M&A hypotheticals but they’ve definitely had a tough time.”

PayPal was founded in the late 1990s and helped build early online payments. In recent years, however, it has faced slower growth.

Digital wallets such as Apple Inc.’s Apple Pay and Alphabet Inc.’s Google Pay have taken market share. The company’s fourth-quarter revenue and profit fell short of analysts’ estimates. Payment volumes have also slowed.

At the same time, PayPal is changing its leadership. Enrique Lores will become president and chief executive on March 1, replacing Alex Chriss, who was removed earlier this month. David Dorman has been appointed board chair.

Stripe, meanwhile, has continued to expand. The company processed $1.9 trillion in payment volume in 2025. It has also secured a US national bank trust charter for its stablecoin subsidiary, Bridge, showing plans to strengthen its role in regulated digital payments.

If the acquisition of PayPal by Stripe proceeds, the transaction could rank among the largest deals in the financial technology sector.

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A source familiar with the matter said the revised bid improves on Paramount’s earlier $30 per share all-cash proposal, which valued the company at about $108.4 billion.

The exact terms of the new offer were not disclosed, but analysts expect it could fall between $31 and $34 per share.

Warner Bros shareholders are due to vote on Netflix’s $82.7 billion cash offer, priced at $27.75 per share, on 20 March 2026. Under the terms of that agreement, Netflix has the right to match any superior proposal.

Warner Bros’ board had asked Paramount to submit its “best and final offer” after rejecting a previous enhanced bid. That earlier proposal included covering Netflix’s $2.8 billion termination fee and adding a quarterly 25-cent per share ticking fee from next year to compensate investors for any delay in closing the deal.

The board said on February 10 that the offer still fell short and set a seven-day deadline for a revised bid.

Neither Warner Bros nor Paramount commented, and Netflix did not immediately respond to a request for comment.

The case centres on some of the most valuable assets in entertainment, including the Harry Potter and Game of Thrones franchises, as well as the HBO Max streaming platform.

Warner Bros also plans to spin off cable television assets such as CNN and HGTV into a separate company, Discovery Global. The company estimates the spin-off could be worth between $1.33 and $6.86 per share.

Netflix argues its proposal offers shareholders additional upside from the planned separation. Paramount, however, has said the cable spin-off that underpins Netflix’s case is effectively worthless.

Regulators are already reviewing the competing bids, with the U.S. Department of Justice examining whether Netflix’s proposal leads to antitrust concerns, including its claim that it needs Warner Bros to compete with YouTube, the most-watched distributor on American television screens.

As part of that review, officials are also looking at whether Netflix engaged in anti-competitive practices.

Paramount says it has secured foreign investment clearance in Germany and is in discussions with regulators in the United States, the European Union and the United Kingdom. The company maintains it has a clearer path to approval than Netflix.

Lawmakers in Washington have also spoken. Some Democratic senators warned that a Paramount deal would give the Ellison family control over CNN and CBS and could concentrate too much power over what Americans watch on television.

Others said either transaction could reduce consumer choice and harm creative workers.

For Netflix, a merger with HBO Max would create the largest global streaming platform, with roughly half a billion subscribers.

Co-chief executive Ted Sarandos has said the combination would be better for Hollywood because it would avoid job cuts in an industry already under stress from fewer productions and uneven box office returns.

He has also said consumers could benefit from lower prices through bundled offerings.

Paramount’s bid is backed by Larry Ellison’s financial support and ties to Oracle. Netflix, by contrast, has pointed to its strong cash reserves and the flexibility to raise its offer if necessary.

Investors such as Ancora Capital have accumulated a roughly $200 million stake in Warner Bros and are urging the board to engage more seriously with Paramount.

The activist investor warned that if the company refuses to reopen discussions, it will vote against the Netflix deal and hold directors accountable at the annual meeting.

Analysts at MoffettNathanson said earlier that an offer around $34 per share from Paramount would likely end the bidding war and “avoid further debate over Discovery Global’s value.”

Shares of Paramount rose 1.3% to $10.70 in extended trading following news of the revised bid.

The outcome now rests with Warner Bros shareholders. A vote in favour of Netflix would move that deal forward, though it would still face detailed reviews by competition authorities in the United States and Europe.

If Paramount’s higher offer is deemed superior, the board will have to decide whether to change its recommendation.

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The transaction links a rocket and satellite heavyweight with a company built to develop advanced conversational systems, pushing SpaceX far beyond launch services and into the core infrastructure behind next-generation computing.

People familiar with the agreement say SpaceX is valued at $1 trillion, while xAI carries a price tag of $250 billion. 

Together, that creates a private entity worth about $1.25 trillion, a figure that eclipses Vodafone’s takeover of Mannesmann in 2000, which stood unchallenged for more than two decades.

Under the terms of the deal, investors in xAI will receive 0.1433 shares of SpaceX for each xAI share they hold. Some senior executives at xAI are said to have the option of taking cash instead, priced at $75.46 per share. 

The combined company is expected to price its shares at roughly $527.

Describing the acquisition, Musk said: “This marks not just the next chapter, but the next book in SpaceX and xAI’s mission: scaling to make a sentient sun to understand the Universe and extend the light of consciousness to the stars!”

The merger gives SpaceX a direct route into high-demand computing infrastructure as power, cooling and chip supply become key limits to growth. 

Musk has repeatedly argued that land-based data centres are nearing their limits, both economically and environmentally. Space, in his view, provides cheaper energy management and faster scaling within a few years.

SpaceX already tops the private space market and was last valued at about $800 billion during an internal share sale. xAI, which had been valued at $230 billion late last year, brings not just software expertise but also access to vast data streams and distribution channels created through earlier internal mergers.

This deal also tightens what investors often call the “Muskonomy”. Tesla, Neuralink, The Boring Company and the social platform X now sit alongside a unified space and computing operation. Musk has done this before. 

Tesla’s purchase of SolarCity in 2016 and the earlier share swap that moved X under xAI’s control both followed the same pattern of consolidation.

Attention now turns to the public markets. People close to the matter say the combined business is preparing for a major stock market debut in 2026, with expectations that it could command a valuation above $1.5 trillion. 

If that happens, it would rank among the most valuable listed companies in the world.

Regulators are unlikely to stay quiet. SpaceX holds billions of dollars in contracts with NASA, the US Department of Defence and intelligence agencies. 

Any transfer of assets, staff or technology will attract scrutiny, particularly given Musk’s overlapping leadership roles across several firms.

Neither SpaceX nor xAI responded immediately to requests for comment.

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