Getty Images’ $3.7 billion Shutterstock merger cleared US antitrust review, but it could not get past the UK’s.
Getty plans to terminate its merger agreement with Shutterstock after the UK’s Competition and Markets Authority required Shutterstock to sell its global editorial business as a condition for approval. The blocked path keeps competition concerns around image licensing, editorial photo access, and pricing pressure front and center for the UK media market.
The collapse also shows how regional regulators can reshape global technology and media deals, even after companies clear a major US review.
UK regulators set the terms
Getty and Shutterstock announced the planned merger in January 2025 as AI image tools put pressure on the traditional stock photo business. The companies planned to call the combined firm Getty Images Holdings Inc., and Getty CEO Craig Peters called the deal “transformational.”
The US Department of Justice granted the deal “unconditional antitrust clearance” earlier this year, according to Engadget. The UK CMA took a different approach and required Shutterstock to sell its global editorial business, including celebrity and news photo agencies, before approving the deal.
The Verge reported that Getty said in a US Securities and Exchange Commission filing that it was not required to accept approval conditions that would force Shutterstock to offload that business.
Getty’s board unanimously voted to terminate the merger agreement on July 6, unless circumstances materially change before July 7.
The CMA’s concern sits close to the media supply chain. Publishers, broadcasters, agencies, and corporate communications teams rely on licensed photos and videos, so a smaller field of editorial image suppliers could affect access, pricing, and contract flexibility.
Engadget noted that the CMA warned, “a loss of competition between the two businesses would reduce choice for UK media outlets and could lead to higher prices.”
Reuters reported that the CMA’s independent inquiry group found that Shutterstock was one of the “few meaningful” rivals to Getty in supplying news content in the UK. Without a sale of Shutterstock’s editorial arm, the regulator feared the merger would weaken competition for customers that need timely licensed images and video.
The practical impact goes beyond one abandoned deal.
UK publishers, advertisers, marketing departments, and enterprise content teams still need suppliers that can provide rights-cleared editorial images at predictable prices. Fewer major suppliers could reduce negotiating power or make licensing terms harder to manage.
Compliance also plays a role. Companies that use editorial or commercial visuals need clear usage rights, audit trails, and regional licensing terms. AI-generated imagery may lower production costs, but it does not always solve rights, authenticity, or source-verification concerns for news and corporate communications.
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AI pressure has not gone away
Getty and Shutterstock pursued the merger as AI image generators offered cheaper, faster ways to create visuals. Reuters noted that both companies face growing competition from AI tools, while Engadget reported that both have deals with OpenAI allowing watermarked images to appear in ChatGPT search results.
Reuters quoted Luke Stillman, managing director at trend advisory firm Madison and Wall, who said, “We are not convinced that scale would have done more than stave off competitive pressures for a little while longer.”
Getty also plans to hire a financial adviser to explore strategic financing options after it formally terminates the deal, per Reuters.
Shutterstock did not immediately respond to Reuters’ request for comment.
For technology and media companies in the UK and EMEA, the message is clear: US approval does not guarantee a global deal will close.
Companies pursuing large media, data, or AI-adjacent mergers still need to account for regional competition rules, especially when a deal could affect pricing, platform access, or the supply of licensed content.
Enterprise buyers may also want to review their own visual content strategies. Teams that rely on licensed images should compare suppliers, check contract flexibility, and watch whether AI licensing deals change pricing or usage terms over time.
Learn more about how UK competition rules are affecting major tech companies in our coverage of Apple’s £3 billion iCloud lawsuit that could affect 40 million UK users.