UK CMA Says Getty and Shutterstock Merger Requires Sale of Global Editorial Business
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 15 2026
0mins
The United Kingdom CMA's independent inquiry group has concluded the merger between Getty and Shutterstock "would lead to competition concerns for editorial content supplied to UK media outlets, but not for stock content supplied globally," the competition watchdog announed. "The inquiry group concluded that a sale of Shutterstock's global editorial business, which operates under the Shutterstock Editorial, Backgrid and Splash brands and competes with Getty across live and archive news, sport and entertainment content, could resolve the competition concerns identified. Getty and Shutterstock offered to sell Shutterstock's global editorial business at the end of the CMA's phase 1 investigation, previously describing it as 'peripheral to Shutterstock's core operations'. Once a sale of the Shutterstock editorial business is concluded to a CMA-approved purchaser, the Getty and Shutterstock merger, which the businesses have claimed will produce cost synergies of $150-200 million annually, can proceed," the CMA stated.
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About GETY
Getty Images Holdings, Inc. is a global visual content creator and marketplace company. The Company offers a full range of content solutions to meet the needs of any customer around the globe. Through its Getty Images, iStock and Unsplash brands, websites and application programming interfaces (APIs), the Company serves customers and discovers, purchases and shares visual content from photographers and videographers. The Company covers approximately 160,000 news, sport and entertainment events, providing depth and breadth of coverage. The Company also maintains photographic archives in the world with millions of images dating back to the beginning of photography. It works with approximately 600,000 contributors and more than 360 content partners. Its Getty Images, iStock, and Unsplash brands categorize its content and services into three categories: Creative, Editorial, and Other. Its Gettyimages.com offers premium creative content and editorial coverage, including video.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
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- Market Outlook: While the CMA found no competition concerns in the global stock content market, the potential reduction in competition for editorial content could impact UK publishers and broadcasters, thereby affecting consumers' access to information.
See More
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- Regulatory Context: The decision by the UK regulator reflects growing concerns about the digital content market, particularly in light of potential increases in market concentration due to mergers, emphasizing the importance of maintaining a competitive environment.
- Future Outlook: If Shutterstock successfully sells its editorial arm, the merger is expected to be completed in the coming months, which would provide Getty Images with greater market share and opportunities for resource consolidation, further solidifying its leadership position in the visual content industry.
See More
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- Strategic Adjustments to Address Challenges: Management acknowledged the persistent decline in agency revenues and challenges in the MicroStock segment, noting that while editorial content saw growth during the Winter Olympics, overall performance did not meet market expectations.
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- Adjusted EBITDA Decline: Adjusted EBITDA stood at $61.6 million, down from last year, primarily due to increased costs associated with Winter Olympics coverage and revenue mix changes, highlighting profitability pressures in a high-cost environment.
- Subscription Revenue Changes: Annual subscription revenue accounted for 57.4% of total revenue, with active annual subscribers totaling 258,000, a decrease of 60,000 from the previous year, indicating challenges in customer acquisition and retention, particularly after discontinuing the iStock free trial program.
- Future Outlook: The company maintains its full-year revenue guidance of $948 million to $988 million and adjusted EBITDA guidance of $279 million to $295 million, despite challenges in revenue recognition timing, demonstrating confidence in long-term growth prospects.
See More
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See More
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- Star-Studded Lineup: The Met Gala will feature co-chairs such as Beyoncé, Nicole Kidman, and Venus Williams, drawing global attention from the fashion industry, which is likely to generate significant media exposure and brand promotion opportunities for Getty Images.
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See More
