Getty Images / Shutterstock merger inquiry
Source: gov.uk (2025-12-01)

The Competition and Markets Authority (CMA) is investigating the anticipated acquisition by Getty Images Holdings, Inc. of Shutterstock, Inc.

Phase 2

Administrative timetable
- Administrative timetable (PDF, 162KB) (https://assets.publishing.service.gov.uk/media/690c7f41d4c5f31272d3e670/Administrative_timetable_6_November_2025.pdf) (6.11.25)
Contact

xxx@xxx.xx (mailto:xxx@xxx.xx)

Interim undertakings

1 December 2025: On 26 November 2025, the CMA has accepted interim undertakings offered by Shutterstock, Inc. pursuant to section 80 of the Enterprise Act 2002.
- Interim undertakings (PDF, 194KB) (https://assets.publishing.service.gov.uk/media/692d5e272a37784b16ecf77b/Interim_undertakings.pdf) (1.12.25)
Inquiry group appointed

3 November 2025: The CMA has appointed the following inquiry group:

Margot Daly (Chair) (https://www.gov.uk/government/publications/cma-panel-member-biographies-and-disclosures-of-interest/inquiry-chairs-biographies#margot-daly)

Colleen Keck (https://www.gov.uk/government/publications/cma-panel-member-biographies-and-disclosures-of-interest/panel-members-biographies#colleen-keck)

Crispin Wright (https://www.gov.uk/government/publications/cma-panel-member-biographies-and-disclosures-of-interest/panel-members-biographies#crispin-wright)

Terms of reference

3 November 2025: The CMA has referred the anticipated acquisition by Getty Images Holdings, Inc. of Shutterstock, Inc. for an in-depth investigation.
- Terms of reference (PDF, 101KB) (https://assets.publishing.service.gov.uk/media/69088042c0dc8f124841751e/Terms_of_Reference_3_November_2025.pdf) (3.11.25)
Phase 1

Statutory timetable

Reference decision

3 November 2025: The CMA has referred the anticipated acquisition by Getty Images Holdings, Inc. of Shutterstock, Inc. for an in-depth investigation, on the basis that, on the information currently available to it, it is or may be the case that this merger may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom. The full text of the decision will be published shortly.
- Press release: Image deal to move to in-depth investigation (https://www.gov.uk/government/news/image-deal-to-move-to-in-depth-investigation) (3.11.25)
Reference unless undertakings accepted

20 October 2025: The CMA has decided, on the evidence currently available to it, that it is or may be the case that this merger may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom. This merger will be referred for an in-depth, phase 2 investigation unless the parties offer an acceptable undertaking to address these competition concerns. The full text of the decision will be published shortly.
- Summary of phase 1 decision (PDF, 146KB) (https://assets.publishing.service.gov.uk/media/68f5fd0b1c9076042263f083/Summary_of_phase_1_decision.pdf) (20.10.25)
Launch of merger inquiry

22 August 2025: The CMA announced the launch of its merger inquiry by notice to the parties.
- Commencement notice (PDF, 89KB) (https://assets.publishing.service.gov.uk/media/68a82f1b3a052c9c504c8d7c/Commencement_notice_1.pdf) (22.8.25)
Invitation to comment: closed

23 June 2025: The Competition and Markets Authority (CMA) is considering whether it is or may be the case that this transaction, if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.

The CMA is issuing this ‘invitation to comment’ to allow interested parties to submit to the CMA any views on the impact that the transaction could have on competition in the UK. The CMA has not yet launched its formal investigation into this transaction.

To assist it with this assessment, the CMA invites comments on the transaction from any interested party.

Contact

Please send written representations about any competition issues to xxx@xxx.xx (mailto:xxx@xxx.xx)

Privacy notice

Your name and contact details are your personal data. In collecting, receiving, storing, accessing and using your personal data, the CMA, as controller, is processing your personal data. The CMA processes personal data in accordance with data protection law. The CMA is processing your personal data so that it can contact you again, should it need further help or information from you, in order to carry out its merger work under Part 3 of the Enterprise Act 2002. For more information about how the CMA processes personal data and your rights relating to that data, please see our Privacy notice (https://www.gov.uk/government/organisations/competition-and-markets-authority/about/personal-information-charter).