US Stock Market Move | Getty Images (GETY.US) soared over 35% and will merge with Shutterstock (SSTK.US) to create a visual content company worth $3.7 billion.
Getty Images surged more than 35%, closing at $3.46; Shutterstock rose more than 22%, closing at $36.69.
On Tuesday, Getty Images (GETY.US) surged over 35%, reaching $3.46. Shutterstock (SSTK.US) also rose over 22%, reaching $36.69. In terms of news, Getty Images announced a merger with competitor Shutterstock to create a visual content company worth $3.7 billion. The newly merged company will retain the Getty Images name and trade on the NYSE under the stock ticker "GETY". Getty Images' shareholders will own 54.7% of the new company, while Shutterstock's shareholders will own 45.3%. This merger is expected to bring significant synergies, saving between $150 million to $200 million in sales, general and administrative expenses, and capital expenditures in the first three years after the deal.
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