Under the terms of the agreement, the combined company will retain the Getty Images name and continue trading under the NYSE ticker symbol "GETY." Craig Peters, current CEO of Getty Images, will lead the merged entity, while Shutterstock's CEO Paul Hennessy will join the eleven-member Board of Directors.

Getty Images and Shutterstock announced that the companies will merge and create a $3.7 billion 'premier visual content company.'

The giant commercial photo and video providers are grappling with the emergence of artificial intelligence tools that have flooded the internet with AI-created images.