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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- Infrastructure Support: Getty Images stated that its infrastructure supports U.S. Soccer in seizing opportunities during peak global demand, indicating a strategic focus on meeting client needs and enhancing service capabilities.
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- Proposed Solutions: The CMA indicated that the sale of Shutterstock's global editorial business to an approved purchaser could resolve the identified competition issues, thereby clearing the path for the merger, highlighting regulators' focus on market competition.
- Financial Performance Overview: Getty Images reported a Q1 adjusted EPS of -2 cents, missing the consensus estimate of 0 cents, with revenue of $226.57 million falling short of the expected $238.81 million, reflecting a dynamic market environment.
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See More
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- Stock Price Reaction: Getty's stock jumped over 7% before the merger announcement, reflecting market optimism about the merger's prospects, which could enhance investor confidence and drive future growth for the company.
- Competitive Impact: The CMA noted that the merger could reduce UK media's options for editorial content, as Shutterstock's editorial operations are among Getty's few significant competitors in supplying news, sports, and entertainment imagery, potentially leading to higher prices and affecting consumers.
- 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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- Market Impact: This move aims to alleviate potential monopoly risks in news content supply, ensuring consumers have access to diverse news resources while also providing Shutterstock with an opportunity to continue expanding its business and enhancing its market position.
- 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.
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See More
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- Adjusted EPS Loss: The company posted an adjusted loss of $0.02 per share, falling short of analyst forecasts, reflecting the impact of ongoing market challenges on profitability, which may lead to decreased investor confidence.
- 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.
- Cautiously Optimistic Future Outlook: Despite macroeconomic uncertainties, management remains optimistic about upcoming global sporting and cultural events, expecting stable growth in core subscription businesses, particularly driven by the 250th anniversary of America and the World Cup cycle.
See More
