The proposed merger between image providers Getty Images and Shutterstock, valued at $3.7 billion, is facing serious concerns from the UK’s Competition and Markets Authority (CMA). The watchdog warns that the merger could significantly reduce competition in the editorial image market, impacting the availability of time-sensitive photos and videos related to breaking news, entertainment, and sports.
In its interim report published on March 7, 2025, the CMA indicated that the merger could lead to a “substantial lessening of competition” specifically regarding editorial content in the UK. This includes crucial imagery used by media outlets, such as celebrity events, major news occurrences, and sports highlights. The regulator emphasized that while it has no apprehensions about the global supply of stock images for commercial purposes, the competitive landscape for editorial content could be adversely affected.
According to the CMA, Getty is the dominant player in the UK editorial market, recognized for its extensive archive and strong offerings in news, entertainment, and sports imagery. The merger with Shutterstock, seen as a key rival particularly in the entertainment sector, would combine the two companies’ resources, potentially controlling “close to or above” half of the UK market.
The CMA highlighted the high barriers to entry for new competitors, stating, “We have not seen evidence of likely entry or expansion by rival suppliers in the next few years.” Current competitors in the sector include PA Media Group, the Associated Press, and Reuters, along with smaller niche providers like IMAGO and Storyful.
The findings have prompted the CMA to invite public comments regarding its initial assessment by March 12, 2025. Margot Daly, chair of the independent panel leading the investigation, noted, “Any loss of competition could be strongly felt by these customers.” She emphasized that editorial images play a vital role in conveying stories to audiences and that the merger could lead to negative consequences for users of Getty and Shutterstock’s editorial content in the UK.
In response, Getty expressed satisfaction with the CMA’s conclusion regarding the global stock content market but disagreed with the concerns raised about the editorial segment. Craig Peters, CEO of Getty, who would head the post-merger entity named Getty Images Holdings Inc, argued that the analysis does not accurately reflect the UK market dynamics or the competition available to customers.
Peters warned that blocking the merger could lead Getty to reconsider its commitment to the UK market, stating, “There are parts of this business that potentially exit [and] ultimately investments that aren’t going to be made.” He further explained that the merger aims to strengthen the companies’ ability to compete in an environment increasingly influenced by AI-generated images.
The CMA’s interim report raises significant questions about the future competitive landscape in the UK editorial image market. As the investigation continues, both Getty and Shutterstock have the opportunity to propose solutions that could alleviate regulatory concerns. The outcome of this merger could reshape the market dynamics for editorial imagery, impacting media outlets and consumers across the UK.
