Getty ends merger with Shutterstock after UK ruling

Getty Images has moved to call off its planned merger with Shutterstock after the UK Competition and Markets Authority imposed tough conditions on the deal. On June 30, 2026, Getty’s board unanimously resolved not to pursue the transaction beyond the Second Extended End Date on July 6, 2026. The merger agreement will be allowed to lapse once that date passes, rather than be revised to meet the regulator’s demands.

The decision follows extended regulatory scrutiny of the transaction and reflects Getty’s conclusion that it is not required under the merger agreement to accept the remedies demanded by the UK regulator. As a result, there will be no further attempts by Getty to restructure the deal around the CMA’s conditions before the extended deadline expires.

The UK Competition and Markets Authority conditioned its required clearance of the merger on Shutterstock selling its entire editorial business. The watchdog concluded that only a full divestiture of Shutterstock’s editorial operations would sufficiently address competition concerns in UK editorial content markets.

This remedy would have removed Shutterstock’s editorial arm from the combined group, significantly altering the nature of the proposed merger. Getty opted not to proceed with a CMA‑supervised sale of Shutterstock’s editorial business, which became the key obstacle preventing the transaction from closing.

Termination of the merger has immediate implications for Getty’s capital structure. The company stated that ending the deal will trigger a special mandatory redemption of its 10.500% senior secured notes due 2030. This provision activates upon the failure of the merger to proceed under specified conditions.

In parallel, Getty intends to retain a financial adviser to evaluate strategic financing alternatives. The company will review its options for managing its balance sheet and funding needs in light of the decision not to complete the combination with Shutterstock.

The announcement of Getty’s intention to terminate the merger prompted a sharp reaction in Shutterstock’s share price. In after‑hours trading, Shutterstock’s stock fell about 29–30%, reflecting investor reassessment of the company’s prospects without the planned combination.

Getty’s own shares moved only modestly in extended trading following the news. The contrasting moves highlight how the abandoned merger and associated regulatory hurdles have had a more immediate pricing impact on Shutterstock than on Getty.