United Kingdom: Competition and Markets Authority found Shutterstock's acquisition of Getty Images may lessen competition and requested commitments to address competition concerns

On 20 October 2025, the Competition and Markets Authority (CMA) issued its Phase 1 decision on Getty Images Holdings’ proposed acquisition of Shutterstock. The CMA found that the merger may result in a substantial lessening of competition in the supply of editorial content in the United Kingdom and the supply of stock content globally, including in the United Kingdom, due to horizontal unilateral effects. The CMA concluded that the merger could reduce competition by limiting alternative suppliers in editorial and stock content markets, particularly affecting UK media and creative sectors. The parties have until 27 October 2025 to offer undertakings to address the CMA’s concerns. If acceptable undertakings are not provided, the case will be referred for a Phase 2 investigation. The proposed transaction, valued at approximately GBP 245 million in cash and 319.4 million Getty Images shares, would result in a combined entity with an enterprise value exceeding GBP 3 billion.