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NEW YORK - Getty Images Holdings, Inc. (NYSE: GETY), a visual content provider with annual revenue of $939 million and an impressive 73% gross profit margin, and Shutterstock, Inc. (NYSE: SSTK) have each received a Second Request for additional information from the U.S. Department of Justice (DOJ) in relation to their proposed merger. This request, under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976, prolongs the waiting period until 30 days after the companies have complied, unless the DOJ terminates it sooner or the parties voluntarily extend it.
The Second Request indicates a more in-depth examination of the merger’s potential antitrust implications. Both Getty Images, currently valued at $705 million and considered undervalued according to InvestingPro analysis, and Shutterstock have expressed their intention to work cooperatively with the DOJ and other non-U.S. regulators to secure the necessary regulatory clearances. The completion of the merger is still subject to approval by Shutterstock’s stockholders and other standard closing conditions.
The companies anticipate the transaction will be finalized in the second half of 2025, assuming the regulatory and shareholder approvals are obtained and other conditions are met. Getty Images’ stock, currently trading at $1.72, has seen a significant decline of nearly 20% year-to-date, though InvestingPro analysts maintain a positive outlook with 13 additional exclusive insights available to subscribers. This merger is poised to combine the strengths of both visual content providers, with Getty Images known for its extensive image archive and Shutterstock for its broad content marketplace.
Investors and stockholders are advised to read the information statement and proxy statement/prospectus filed with the Securities and Exchange Commission (SEC) on March 31, 2025, which includes further details about the proposed transaction. These documents are not final and may be amended, providing important information for those making voting or investment decisions.
The proposed merger, if completed, would bring together two of the most prominent companies in the visual content industry, potentially reshaping the market for visual media licensing. For detailed analysis and comprehensive insights about both companies, including exclusive Fair Value estimates and financial health scores, access the full Pro Research Reports available on InvestingPro. The press release statement serves as the basis for this report.
In other recent news, Getty Images Holdings Inc. reported strong financial results for the fourth quarter of 2024, with revenue reaching $247.3 million, surpassing the forecast of $245.49 million. The company’s adjusted EBITDA for the quarter increased by 11.7%, and its net leverage was reduced to below 4x for the first time in over a decade. Meanwhile, Citi analysts resumed coverage of Getty Images with a Neutral rating and set a price target of $2.45, highlighting concerns over declining agency revenues and economic pressures. However, they noted potential benefits from Getty’s upcoming merger with Shutterstock, which could yield significant cost savings and a shift towards subscription models. Benchmark analysts adjusted their financial outlook for Getty Images, reducing the price target to $4.50 while maintaining a Buy rating, as fourth-quarter revenue performance surpassed expectations by 1%. JMP analysts maintained a Market Outperform rating with a $34.00 price target, citing Getty Realty Corp.’s robust earnings growth and revenue diversification. Additionally, Getty Images secured a multi-year partnership with Major League Soccer (MLS) to become the league’s Official Photography Partner, further expanding its soccer portfolio in North America.
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