London, November 3, 2025 — The UK’s Competition and Markets Authority (CMA) has launched an in-depth Phase II investigation into Getty Images’ proposed acquisition of Shutterstock, after finding that the £3 billion merger could reduce competition in the supply of digital imagery.
Concerns
Following its Phase I review, the CMA said the deal could result in higher prices, worse terms, or lower-quality content for UK customers across editorial and stock imagery markets. Getty and Shutterstock are leading global suppliers of photos, videos, and illustrations to news organisations, advertisers, publishers, and designers.
The regulator noted that while stock content markets are global, UK-specific editorial material—such as coverage of domestic sports, events, and public figures—is particularly sensitive to local competition. Industry submissions, including from the News Media Association, warned that the merger could harm the availability and cost of licensed imagery for UK media outlets.
Remedies Rejected
Getty and Shutterstock submitted a late package of proposed remedies, but the CMA found the measures “did not fully address its concerns.” The case has now been referred to an independent Phase II panel for deeper scrutiny.
Next Steps
The CMA’s inquiry will assess the potential impact on both editorial and commercial stock imagery markets and consider whether any structural or behavioural remedies could preserve competition.
Source: https://www.gov.uk/government/news/image-deal-to-move-to-in-depth-investigation
