Many PAN readers will be pleased to hear the CMA in the UK has now referred the ‘anticipated acquisition by Getty Images Holdings, Inc. of Shutterstock, Inc. for an in-depth investigation.’
CMA say: ‘Getty’s proposed purchase of Shutterstock will move to an in-depth Phase 2 investigation after the CMA identified potential concerns.’
Getty Images say: ‘Today (3rd Nov) received notice from the UK’s Competition and Markets Authority (“CMA”) that the CMA has referred the proposed merger of Getty Images and Shutterstock Inc. to a Phase 2 review process. Getty Images offered comprehensive remedies to avoid a Phase 2 review and is disappointed at the CMA’s decision but remains committed to the proposed merger and will continue to engage with the CMA and work with Shutterstock to expeditiously secure the necessary clearances.’
Here’s some detail on the CMA investigation: The CMA has referred the anticipated acquisition by Getty Images Holdings, Inc. of Shutterstock, Inc. for an in-depth investigation, on the basis that, on the information currently available to it, it is or may be the case that this merger may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom. The full text of the decision will be published shortly.
Having conducted a Phase 1 merger investigation, the Competition and Markets Authority (CMA) is concerned the deal may lead to higher prices, worse commercial terms and/or lower quality provision of editorial and stock imagery.
Getty Images and Shutterstock both supply digital content, including photos, illustrations, videos and music. Once combined, the business would have a value of more than £3 billion. The companies operate platforms which license content to customers in the UK, including major media companies, advertisers, publishers and designers, as well as many small and medium-sized businesses across the creative sector.
The content provided by Getty Images and Shutterstock can broadly be split into two categories:
- Editorial content, which includes pictures and videos of newsworthy events, people and landmarks. UK customers require UK-centric content, e.g. relating to UK sports fixtures, news events and UK celebrities. The CMA therefore considered the impact of the merger on competition for editorial content in the UK.
- Stock images, which are pre-existing photos that are licensed for commercial purposes such as advertising or marketing. While the CMA found that companies compete to supply stock content globally, customers value the extent to which suppliers can offer localised content, which the CMA took into account in its assessment.
In its Phase 1 investigation, the CMA heard widespread concerns from businesses, trade associations and other stakeholders across the UK media and creative sectors about the potential impact of this deal in the supply of editorial and stock content. This includes concerns from the News Media Association, whose members publish around 900 media titles in the UK and rely on licensed imagery to bring stories to life.
Getty and Shutterstock offered a complex package of remedies at a late stage in the Phase 1 process. Following an assessment, the CMA concluded these did not fully address its concerns.
The deal has therefore been referred to an in-depth Phase 2 inquiry which will be led by an independent panel of experts who will investigate these concerns in more detail.
The CMA has appointed the following inquiry group:
Margot Daly (Chair)
Margot was appointed as Inquiry Chair of the CMA in September 2021, having previously been appointed as a panel member in May 2020. She serves as a non-executive board director and chairs the Audit and Risk Committee at the NAAFI, which provides hospitality and retail services to British service people worldwide. Additionally, she is the chair of the board of trustees at GamCare, the UK’s leading provider of support services for individuals affected by problem gambling.
Margot also works as an independent business consultant. Her previous executive roles include positions as Chief Executive Officer and Chief Operating Officer in both FTSE-listed and privately held companies. She has served as a non-executive director at Sport Resolutions UK and as a panel member at the Competition Appeal Tribunal.
She holds a master’s degree in Competition Economics from King’s College London, with a focus on blockchain and distributed ledger technologies.
Colleen Keck
Colleen was appointed in February 2019 and is also a member of the CMA’s specialist communications and utility panels. She is currently Deputy Chair of the Copyright Tribunal. Before that she was a partner at international law firm Allen & Overy LLP for over 20 years and more recently General Counsel and Company Secretary at Parkinson’s UK.
Crispin Wright
Crispin was appointed in April 2020. From 2015 to 2018 he was Director General of the Takeover Panel. Before that he spent 33 years as an investment banker specialising in mergers and acquisitions at Rothschild, Deutsche Bank and Morgan Grenfell. He is a member of the Investment Committee of Merton College.
• The deal is also currently under review by the United States Department of Justice.
Related on PAN:
June 25 2025 Open: UK Gov – Getty Images / Shutterstock merger inquiry
June 12 2025 Getty Images Shutterstock tie up expected second half of 2025