"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," said Getty Images CEO Craig Peters.
"We are excited by the opportunities we see to expand our creative content library and enhance our product offering to meet diverse customer needs," stated Shutterstock CEO Paul Hennessy.
Getty Images shareholders will own about 54.7% of the combined company at closing and Shutterstock stockholders will own approximately 45.3%.
Shares of New York-based Shutterstock jumped more than 30% before the market opened, while Getty Images' stock soared more than 58%.
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