CMA Reviews Getty–Shutterstock Merger
The UK’s competition regulator has provisionally raised concerns over the proposed $3.7 billion merger between Getty Images and Shutterstock, citing potential competition issues in the supply of editorial content in the United Kingdom. However, the regulator cleared the deal in the global stock content market.
CMA Flags Editorial Content Competition Risks
The UK Competition and Markets Authority (CMA) announced on Thursday that its provisional findings identified concerns that the merger could reduce competition in the UK market for editorial visual content — including news, sports, and entertainment imagery supplied to media outlets.
Despite these concerns, the CMA said it found no competition issues in the broader global market for stock content, which includes creative imagery used in advertising, marketing, and digital media.
The decision represents a significant development in the regulatory review of the merger between two of the world’s largest visual content providers.
Companies Disagree With Provisional Findings
Both Getty Images and Shutterstock said they disagree with the CMA’s provisional conclusions regarding editorial content. The companies confirmed they will submit formal responses before the March 12 deadline.
In a joint statement, the companies emphasized their continued cooperation with regulators, including the ongoing review by the U.S. Department of Justice (DOJ).
Phase 2 Investigation Underway
The CMA launched a Phase 2 investigation into the merger in November after determining that the remedies proposed by the companies failed to adequately address initial competition concerns.
A Phase 2 review typically involves a more in-depth examination of whether a merger could substantially lessen competition in specific markets.
Regulators on both sides of the Atlantic are closely scrutinizing the transaction due to its potential impact on media organizations, publishers, and creative businesses that rely on licensed visual content.
Market Reaction
Following the announcement, Getty Images shares rose 1.9% in U.S. premarket trading, while Shutterstock shares were up 0.9%.
Regulatory Scrutiny Intensifies
The provisional findings underscore increasing global regulatory attention on mergers in digital content and media markets. Authorities are particularly focused on ensuring competitive pricing, innovation, and fair access for media and creative industry clients.
The CMA’s final decision could shape the future landscape of the visual content industry in the UK and beyond.
