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.

Visual content companies Shutterstock and Getty Images will join to become a $3.7 billion visual content company.

Getty Images Holdings and Shutterstock have agreed to merge into one visual-content company with an enterprise value of about $3.7 billion. Shares of both companies jumped on the announcement.

The deal, presented as a merger of equals, will create a company worth $3.7Bn with annual revenue of around $2Bn.

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.

Shares in Getty Images and Shutterstock surged after the image companies agreed to merge, creating a group worth about $3.7 billion including debt. Getty stock stood about 25% higher Tuesday morning.

Alternatively, Shutterstock shareholders can choose to receive a mix of cash and Getty shares. shareholders will own about 54.7% of the combined company at closing an

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.