United Kingdom: Competition and Markets Authority opened phase 2 investigation into Shutterstock's acquisition of Getty Images

On 3 November 2025, the Competition and Markets Authority (CMA) referred Getty Images’ proposed acquisition of Shutterstock to an in-depth Phase 2 investigation after identifying competition concerns. Following its initial review, the CMA found that the merger could result in higher prices, less favourable commercial terms, or lower quality in the supply of editorial and stock imagery. Both Getty and Shutterstock license digital content such as photos, videos, and music to several UK clients, including media outlets, advertisers, publishers, designers, and small businesses. The CMA assessed the potential impact on two markets, the editorial content, which serves news and media needs with UK-focused material, and stock imagery, which is used for commercial purposes and may also depend on localised content. Although the companies submitted proposed remedies late in the first phase, the CMA determined that these measures did not adequately resolve its concerns. An independent panel will now conduct a Phase 2 inquiry to further examine the potential effects of the merger.