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.

Holdings and stock-photo rival Shutterstock are merging to form a company worth about $3.7 billion to meet booming demand for licensed images and videos, as artificial intelligence disrupts the business of content creation.

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

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.

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.