Shutterstock's stock plummeted nearly 30% after Getty Images called off its merger with the company
The combined business was valued at $3.7 billion / Photo: dennizn / Shutterstock
Shares of stock photo service Shutterstock plummeted by more than 27% after the close of regular trading in the U.S.: another major photo service, Getty Images, has backed out of its planned merger with Shutterstock, according to Bloomberg.
According to documents filed by Getty Images with regulatory authorities, the company’s board of directors voted to terminate the planned merger with Shutterstock. It made this decision after the UK Competition and Markets Authority (CMA) required Getty to sell its editorial photography division in order to approve the deal.
Unless circumstances change significantly, the termination of the contract will take effect after July 6, according to documents cited by Bloomberg. Getty Images also said it plans to hire a financial advisor to seek alternative sources of funding.
Shutterstock and Getty Images agreed to merge back in January 2025. The combined company was valued at $3.7 billion.
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