The combined company, which will be called Getty Images, will be worth $3.7 billion, Getty said on Tuesday.

The two big players in the licensed visual content will pair up to counter threats from artificial intelligence tools like Midjourney.

This news was welcomed by investors of both companies, with GETY stock rising 25% and SSTK stock rising 14% on Tuesday, January 7.

Under the terms of the agreement, the combined company will retain the Getty Images name and continue trading under the NYSE ticker symbol "GETY." Craig Peters, current CEO of Getty Images, will lead the merged entity, while Shutterstock's CEO Paul Hennessy will join the eleven-member Board of Directors.

Getty Images said on Tuesday it would merge with rival Shutterstock to create a $3.7 billion stock image powerhouse geared for the artificial intelligence era, in a deal that would likely draw antitrust scrutiny.

News of the merger sent Getty stock surging by nearly 60% in pre-market trading on Tuesday. The stock was selling at $2.57 a share on Monday.

Shutterstock are joining forces in a merger valued at around $3.7 billion, the companies announced on Tuesday. The merger will allow the companies to expand their stock photo libraries as they face increasing competition from AI-powered image creation tools.

Getty Images and Shutterstock will merge into one company valued at $3.7 billion in a deal that aims to take on competition from AI, the companies announced on Tuesday. The new premier visual content company will be called Getty Images Holdings, Inc. and at close, Getty Images’s CEO, Craig Peters, will serve as CEO of the combined company.

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