Getty Images and Shutterstock merge into one stock photo powerhouse

Getty Images and Shutterstock are joining forces in a merger worth approximately $3.7 billion, the companies announced Tuesday. The merger will allow both companies to expand their stock photo libraries as competition from AI-based image creation tools increases.

Getty Images CEO Craig Peters will remain at the helm of the combined company upon completion of the merger, and the reworked board will consist of members from Getty Images and Shutterstock, including Shutterstock CEO Paul Hennessy. In a press release, Peters said the merger will strengthen the company by “strengthening our content offerings, expanding our event coverage, and providing new technologies to better serve our customers.”

Shutterstock will remain a separate website after the merger, Getty Images spokeswoman Anne Flanagan confirmed. The Verge.