Getty Images will merge with Shutterstock in a $3.7 billion deal aimed at strengthening their position in the AI-driven stock image market.

Shutterstock shareholders can choose cash, stock, or a combination as part of the agreement.

The combined company, led by Getty CEO Craig Peters, will be named Getty Images Holdings and trade under the ticker “GETY.”

The merger aims to enhance content offerings, expand event coverage, and deliver new technologies, with expected annual cost savings of up to $200 million by year three, NBC News has reported.

The deal may face antitrust scrutiny.

Written by B.C. Begley