Shutterstock and Getty Images merge to form $3.7 billion visual content company

Shutterstock and Getty Images will merge to form a $3.7 billion visual content company, enhancing their portfolios with diverse products.

Visual content companies Shutterstock and Getty Images will join to become a $3.7 billion visual content company.

Getty Images and Shutterstock will combine to form a $3.7 billion visual content business. (Bloomberg)

The companies said Tuesday that they have complementary portfolios, and the transaction creates a broader set of visual content products across still imagery, video, music, 3D and other asset types.

“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 statement on Tuesday.

Peters will serve as CEO of the combined business.

At the deal's closing, Shutterstock shareholders can choose to receive either approximately $28.85 per share in cash for each share of Shutterstock common stock they own; about 13.67 shares of Getty Images common stock for each share of Shutterstock common stock they own; or a mixed consideration of 9.17 shares of Getty Images common stock plus $9.50 in cash for each share of Shutterstock common stock they own.

The combined company will keep the Getty Images name and will continue to trade on the New York Stock Exchange under the ‘GETY’ ticker symbol.