The two big players in the licensed visual content will pair up to counter threats from artificial intelligence tools like Midjourney.

This news was welcomed by investors of both companies, with GETY stock rising 25% and SSTK stock rising 14% on Tuesday, January 7.

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.

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.

News of the merger sent Getty stock surging by nearly 60% in pre-market trading on Tuesday. The stock was selling at $2.57 a share on Monday.

Getty was founded in 1995 while Shutterstock began life in 2003. The companies have so far taken different approaches to the arrival of generative AI. Shutterstock signed a six-year agreement with ...

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Getty Images is the bigger company of the two, and its shareholders will own approximately 54.7% of the new entity, while Shutterstock shareholders will own 45.3%. Getty Images also owns the iStock and Unsplash brands. The company will simply be called Getty Images.

The world’s largest contract chipmaker reported a 39 per cent rise in October-December revenue to US$26.3 billion.

Jami'ai a birnin Los Angeles sun ce mummunar gobarar daji ta lalata sama da gidaje dubu 10 da wasu gine-gine a jihar California.