The merger comes at a time when companies that use still images are facing increased competition from images generated by artificial intelligence.
NEW YORK — Getty Images is buying Shutterstock to create a $3.7 billion visual content company.
The merger comes at a time when companies that use still images are facing increased competition from images generated by artificial intelligence.
The companies said Tuesday that they have complementary portfolios and that a merger will provide customers with a broader array still imagery, video, music, 3D and other media.
“With the rapid rise in demand for compelling visual content across industries, there has never been a better time for our two businesses to come together,” Getty Images CEO Craig Peters said in a prepared statement.
Peters will serve as CEO of the combined business.
“We are excited by the opportunities we see to expand our creative content library and enhance our product offering to meet diverse customer needs,” Shutterstock CEO …