Cleared by the US, derailed by the UK: Getty’s Shutterstock merger falls apart

Getty is readying to axe its $3.7 cardinal merger agreement pinch Shutterstock aft a UK regulator imposed restrictions that would forestall portion of Shutterstock’s business from being included successful the deal. The move comes contempt the US Department of Justice granting the woody “unconditional antitrust clearance” successful February.

In an SEC filing published connected Tuesday successful the US, Getty said it is “not required to accept” approval conditions outlined by the UK Competitions and Markets Authority successful May that require Shutterstock to waste its world editorial business, including the Backgrid and Splash paparazzi agencies.

Those conditions person proved unappealing capable for Getty to locomotion distant from the deal, which aimed to harvester the companies’ banal photograph libraries. Both companies look title from AI image generators that supply accelerated and inexpensive media contented connected demand. The company’s committee of board “unanimously” voted to terminate the merger statement connected July 6th, “assuming nary worldly alteration successful the aforementioned circumstances” occurs earlier July 7th. That fundamentally leaves the Getty/Shutterstock merger dormant successful the water.