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Getty Images has announced a merger with rival Shutterstock, forming a $3.7 billion stock-image behemoth aimed at tackling challenges presented by the rise of generative AI tools. This merger, which may draw antitrust scrutiny, aims to reduce costs and enhance revenue streams amid declining demand for traditional stock photography. Getty CEO Craig Peters will lead the new entity, which is projected to generate nearly $2 billion in annual revenue. Shareholders have various options for their shares, including cash or stock exchange. The merger signals a move to adapt to the evolving visual content landscape.
Source: YAHOO