Getty scraps $3.7B Shutterstock deal after UK antitrust requires key sale
Summary
Getty Images canceled its $3.7 billion deal to buy Shutterstock after the UK regulator required Shutterstock’s editorial business to be sold to another buyer. Getty's board decided not to proceed if they had to sell that part of Shutterstock, which led to the deal ending.Key Facts
- Getty Images planned to acquire Shutterstock for $3.7 billion.
- The UK Competition and Markets Authority (CMA) approved the deal only if Shutterstock’s editorial business was sold to a different buyer.
- The CMA was worried the merger would reduce competition, leading to fewer choices and higher prices for UK media companies.
- Getty’s board voted against the deal because of the condition to sell Shutterstock’s editorial business.
- Both companies provide photos, illustrations, music, and videos to media, advertisers, and creative businesses in the UK.
- Getty officially ended the merger agreement by notifying Shutterstock.
- After the news, Getty’s stock price dropped by 6.8% and Shutterstock’s by 2.4%.
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