In a response to the transformative challenges posed by artificial intelligence, the global image library titans Getty Images and Shutterstock have announced their historic merger to form a new company valued at approximately $3.7 billion. The newly formed entity, which will retain the prestigious name Getty Images Holdings, Inc., will be listed on the New York Stock Exchange, solidifying its position as a leading player in the industry.

The combined company will be helmed by the current Chief Executive Officer of Getty Images, with an experienced 11-member board of directors guiding its strategic direction. By leveraging economies of scale and synergies, the merged entity anticipates achieving cost savings of $150 million to $200 million by the third year, underscoring its commitment to operational efficiency and shareholder value.

Shareholders of both companies will benefit from multiple stock swap options, ensuring a smooth transition. The new company will boast an unparalleled content library, enriched by the combined resources of Getty Images and Shutterstock. Additionally, it plans to invest heavily in cutting-edge technology, particularly in AI, to stay ahead of market demands and capitalize on the opportunities presented by the digital age.