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.

Shutterstock are joining forces, agreeing to a $3.7 billion merger to create a visual content company. The companies announced the merger on Tuesday and said it will be named Getty Images Holdings,

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

After Getty Images announced plans for a $3.7 billion merger with competitor Shutterstock, photographers spoke about the effects of the deal.

The giant commercial photo and video providers are grappling with the emergence of artificial intelligence tools that have flooded the internet with AI-created images.

Getty Images CEO Craig Peters will oversee the company formed following Getty's mergers with Shutterstock. (Getty Images Photo) Seattle's Getty Images is

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.

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

Visual media giants Getty Images Holdings Inc. and Shutterstock Inc. today announced a deal to merge into a single visual content company with an enterprise value of about $3.7 billion.