Shutterstock and Getty Images to join and become huge visual content company

Visual content companies Shutterstock and Getty Images will join to become a 3.7 billion dollars (£3 billion) visual content company.

The companies said on Tuesday that they have complementary portfolios, and the transaction creates a broader set of visual content products across still imagery, video, music, 3D and other asset types.

“With the rapid rise in demand for compelling visual content across industries, there has never been a better time for our two businesses to come together,” Getty Images CEO Craig Peters said in a statement.

Mr Peters will serve as CEO of the combined business.

At the deal’s closing, Shutterstock shareholders can choose to receive either approximately 28.85 dollars per share in cash for each share of Shutterstock common stock they own; about 13.67 shares of Getty Images common stock for each share of Shutterstock common stock they own; or a mixed consideration of 9.17 shares of Getty Images common stock plus 9.50 dollars in cash for each share of Shutterstock common stock they own.

The combined company will keep the Getty Images name and will continue to trade on the New York Stock Exchange under the “GETY” ticker symbol.