Shareholders of Seattle-based Getty will own about 54.7% of the combined company, which will retain the Getty name, at the closing of the deal. Shutterstock shareholders will own the remaining 45.3%, the companies said on Tuesday.They added that together they would be able to offer a more-expansive library of visual content for users, as well as a way to synchronize in-house investments in AI tools."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," said Getty CEO Craig Peters, who will serve as CEO of the combined company.Shutterstock holders can opt to receive about $28.85 a share for each share of common stock they own, around 13.6 shares of Getty for each share of Shutterstock they own, or a mixed consideration of 9.17 shares of Getty stock plus $9.50 in cash for each share of Shutterstock they own.Shares of both companies surged on the news, with Shutterstock advancing nearly 15% to $34.48 and Getty rising 24% to $3.19, its biggest percentage increase in nearly two years.The combined company will have an 11-member board of directors. It will consist of Peters, six directors designated by Getty and four by Shutterstock, including its CEO, Paul Hennessy. Mark Getty will retain his role as chairman of the combined company.Getty and Shutterstock expect the combination to drive savings of $150 million to $200 million across capital expenditures and selling, general and administrative expenses within the first three years after the deal closes.

Getty and Shutterstock Set Agreement to Merge

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is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 88 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.

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{{magzter}} is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 88 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.