London, October 20, 2025 — The UK Competition and Markets Authority (CMA) has found that Getty Images’ proposed acquisition of Shutterstock could reduce competition in both the supply of editorial content in the UK and the global stock content market, raising concerns over higher prices and reduced quality for media and creative industry customers.
CMA Identifies Overlap in Key Content Markets
Under the deal announced in January 2025, Getty Images would acquire Shutterstock for around £245 million in cash and 319.4 million Getty shares, creating a combined group valued at more than £3 billion (approximately $4 billion). The merger is also under review by the US Department of Justice.
The CMA’s initial review found that the two companies are close competitors in licensing photos, videos, illustrations, and music. It said Getty Images is the clear market leader in editorial content, with Shutterstock one of its few significant rivals — particularly for entertainment and archive material. Other suppliers, such as PA Media/Alamy, Reuters, and Associated Press, were seen as offering narrower content portfolios or differing business models.
In the stock (creative) content market, the CMA said Getty and Shutterstock compete closely with Adobe Stock and, to a lesser extent, Canva, but face limited constraint from smaller or free-content providers.
AI Not Yet a Substitute for Stock Content
The CMA noted that while generative AI is disrupting the sector, there is little evidence that AI-generated imagery is yet a viable alternative for most enterprise customers, due to concerns over authenticity, licensing, and quality. It added that both Getty Images and Shutterstock could be well positioned to compete in AI-driven content creation, given their large licensed libraries.
Barriers to Entry and Next Steps
The regulator concluded that new entry or expansion is unlikely to offset the competition concerns, citing significant costs, access barriers, and the need for extensive contributor and customer networks.
The parties have until October 27, 2025, to offer undertakings in lieu of a Phase 2 investigation. If no adequate remedies are proposed, the CMA will refer the deal for an in-depth review.
Source: https://www.gov.uk/cma-cases/getty-images-slash-shutterstock-merger-inquiry
