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

Getty Images is the bigger company of the two, and its shareholders will own approximately 54.7% of the new entity, while Shutterstock shareholders will own 45.3%. Getty Images also owns the iStock and Unsplash brands. The company will simply be called Getty Images.

Holdings and stock-photo rival Shutterstock are merging to form a company worth about $3.7 billion to meet booming demand for licensed images and videos, as artificial intelligence disrupts the business of content creation.

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

Shutterstock are joining forces in a merger valued at around $3.7 billion, the companies announced on Tuesday. The merger will allow the companies to expand their stock photo libraries as they face increasing competition from AI-powered image creation tools.

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

The deal, presented as a merger of equals, will create a company worth $3.7Bn with annual revenue of around $2Bn.

Seattle’s Getty Images is acquiring Shutterstock to create a business worth approximately $3.7 billion, the companies announced Tuesday.

Alternatively, Shutterstock shareholders can choose to receive a mix of cash and Getty shares. shareholders will own about 54.7% of the combined company at closing an

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.