GETTY IMAGES AND SHUTTERSTOCK ARE MERGING INTO ONE STOCK PHOTO POWERHOUSE

Summary from the TLDR Design newsletter

Getty Images and Shutterstock have announced a merger valued at approximately $3.7 billion, forming a formidable stock photo company as they contend with increasing competition from AI-generated image tools. The combined entity will be led by Getty Images' CEO, Craig Peters, with a board comprising members from both companies. Shutterstock will maintain a separate website. This merger aims to enhance content offerings, expand event coverage, and implement new technologies.