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Getty Images is set to acquire Shutterstock, merging to create a visual content company valued at $3.7 billion. This move responds to the growing competition from AI-generated images and aims to enhance offerings across still imagery, video, and music. Getty Images CEO Craig Peters will lead the combined entity, with Getty shareholders holding 54.7% and Shutterstock owners 45.3%. The merger is designed to meet increasing demand for visual content across various industries.
Source: YAHOO