In May 2026, the CMA's independent inquiry group concluded that the deal could proceed if Shutterstock sold its editorial business.
Getty has delivered a notice to Shutterstock terminating their merger agreement, which the CMA had conditionally cleared earlier this year.
Responding to the decision, Margot Daly, chair of the independent inquiry group leading the investigation, said:
The decision by Getty to abandon its merger with Shutterstock is ultimately a commercial choice. Our investigation cleared the merger on the condition that the companies sold Shutterstock's editorial business - which is something they initially offered to do at an earlier stage of proceedings.
Since our final report, we have worked swiftly and closely with Getty and Shutterstock on the proposed sale and have engaged with several potential buyers to assess their suitability. This process was at an advanced stage at the time of Getty's announcement.
Getty's decision not to proceed with the merger follows an in-depth investigation where the CMA concluded that the deal could go ahead if Shutterstock's editorial business was sold to an approved buyer. Getty and Shutterstock had previously claimed that the deal would produce annual cost synergies of $150-200 million within three years of completion. These claimed synergies related primarily to their stock content businesses, where the inquiry group ultimately found no competition concerns, and as such, would have been preserved by an editorial sale.
Since its final report in May this year, the CMA has been working closely with Getty and Shutterstock on Shutterstock's ongoing process to sell its global editorial business, including consulting on undertakings to implement remedies and engaging with several potential purchasers.
The inquiry group found that a loss of competition between the two businesses would reduce choice for UK media outlets and could lead to higher prices, with knock-on negative impacts for consumers who rely on high-quality editorial content to stay informed. During the investigation, the CMA received extensive evidence, including from UK media organisations, publishers, competitors and content suppliers, which showed that Shutterstock provides one of the few meaningful alternatives to Getty, the market leader in editorial content in the UK.
As a result of today's announcement, the CMA will cease its remaining work on this case.
