Shares of both companies rose following the news; Getty is up 20.3% and Shutterstock is up 7.7%. Discussions are at an early stage and Getty may ultimately decide not to continue negotiations.
Getty struggled with customer retention last year as revenue in its creative and editorial segments dropped. The emergence of AI tools like MidJourney and DALL-E 2 that quickly and cheaply create any image has put additional pressure on the stock image business.
Neither company has commented on the merger talks.
Source: Ferra
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