Shutterstock stockholders have approved the company’s proposed merger with Getty Images, with 82% of outstanding shares voting in favor at a special meeting held on June 10th. The approval moves the $3.7 billion deal closer to combining two of the largest stock photo and video providers.
The stockholder vote removes one requirement for the merger, which was first announced in January. Paul Hennessy, Shutterstock’s CEO, said the approval shows stockholders “recognize the compelling rationale of this transaction.” He added that the combined company’s complementary strengths will help serve customers better while delivering value to partners, contributors, and stockholders.
Both companies still expect the transaction to close in the second half of 2025. The deal needs regulatory approvals and other customary conditions before it can be completed.
The merger creates a visual content company that will operate under the Getty Images name and continue trading on the New York Stock Exchange under the “GETY” ticker. When announced, the companies stated that the deal would enable increased investment in content creation, event coverage, and technological innovation. The companies estimated the combined entity would generate between $150 million and $200 million in annual cost savings within three years.
Under the merger terms, Shutterstock stockholders can choose to receive about $28.84 per share in cash, roughly 13.67 shares of Getty Images stock per share, or a mix of both. The final breakdown will be subject to proration to match the agreed-upon terms.
Getty Images CEO Craig Peters will lead the combined company, while Shutterstock’s Hennessy will join its eleven-member board of directors. The merger still requires approval from Getty Images stockholders, though no date has been announced for their vote.
