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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 Paul Hennessy
said.
Getty Images shareholders will own about 54.7% of the combined
company at closing and Shutterstock stockholders will own
approximately 45.3%.
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 operate as Getty Images, and will
continue to trade on the New York Stock Exchange under the
‘GETY’ ticker symbol.
Its board will have 11 members, comprised of Peters, six
directors designated by Getty Images and four directors
designated by Shutterstock, including Hennessy. The chairman
will be Mark Getty, current chairman of Seattle-based Getty
Images.
Shares of New York-based Shutterstock jumped more than 30%
before the market opened, while Getty Images' stock soared more
than 58%.
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