The UK's Competition and Markets Authority (CMA) has conditionally cleared the proposed merger between Getty Images and Shutterstock, subject to one major condition. The CMA's independent inquiry group has found that the deal could lead to a significant reduction in competition in the stock photo market, but has given the green light provided Shutterstock agrees to sell its editorial business. This means that Shutterstock will be required to divest its entire editorial business, which includes the rights to thousands of images, to a third-party buyer. The CMA has stated that this condition is necessary to ensure that the deal does not harm competition in the market. The exact terms of the deal and the identity of the buyer are yet to be revealed. The merger is expected to be completed in the coming weeks, subject to the satisfaction of the CMA's conditions.
The deal is expected to have significant implications for the UK's creative industries. Getty Images and Shutterstock are two of the largest stock photo agencies in the world, and the merger is likely to lead to increased competition and innovation in the market. However, the CMA's conditions are designed to prevent any potential anti-competitive effects of the deal. In a statement, the CMA said that it was pleased to have been able to reach a resolution that protects competition in the market.