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.'

After Getty Images announced plans for a $3.7 billion merger with competitor Shutterstock, photographers spoke about the effects of the deal.

Getty Images (GETY) and Shutterstock (SSTK) to merge in a $3.7 billion deal, creating a visual content powerhouse with enhanced product offerings

Visual content companies Shutterstock and Getty Images will join to become a $3.7 billion visual content company.

Key Takeaways Getty Images and Shutterstock are teaming up in what Getty called a merger of equals.The deal between the two providers of stock images and video is designed to meet the changing needs of the creative,

Shares in Getty Images and Shutterstock surged after the image companies agreed to merge, creating a group worth about $3.7 billion including debt. Getty stock stood about 25% higher Tuesday morning.

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.

Getty Images said on Tuesday it would merge with rival Shutterstock to create a $3.7 billion stock image powerhouse geared for the artificial intelligence era, in a deal that would likely draw antitrust scrutiny.