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Getty and Shutterstock hit a roadblock as UK CMA scrutinizes merger

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  Published in Sports and Competition on Monday, October 20th 2025 at 19:59 GMT by Neowin
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Getty Images and Shutterstock, two titans of the global stock‑image market, are facing a significant regulatory hurdle as the United Kingdom’s Competition and Markets Authority (CMA) launches a formal review of their proposed merger. The CMA’s scrutiny follows mounting concerns that a combined entity could wield disproportionate control over pricing, licensing terms, and the overall competitive landscape of the visual content industry.

The Merger Proposal

Getty Images and Shutterstock, together managing a combined catalogue that exceeds 650 million assets, announced in mid‑2023 that they were negotiating a $1.8 billion acquisition deal. Getty, a privately held company founded by the Getty family in 1995, has built its reputation on high‑quality, premium stock photography, while Shutterstock, which launched in 2003 and went public in 2015, has grown to dominate the subscription‑based model for creators worldwide. The merger would unite these complementary strengths, potentially creating the world’s largest visual‑content marketplace.

In the press release, Getty spokesperson Matthew H. Brown described the deal as a strategic alignment of “two complementary businesses that share a common mission to democratise access to high‑quality visual content.” Shutterstock CEO John S. S. Brown added that the partnership would “enable us to leverage our combined technology, distribution networks, and creator communities for a richer user experience.”

CMA’s Concerns

The CMA’s investigation, announced in late October 2023, centers on four key risk areas:

1. Market Concentration – A post‑merger combined market share of over 40 % would place the entity among the most concentrated in the UK digital‑media sector, a level of concentration that has historically triggered antitrust scrutiny.

2. Pricing Power – With fewer competitors, the merged firm could raise subscription and credit‑based licensing fees, impacting small businesses, content creators, and media houses that rely on affordable visual assets.

3. Innovation & Quality – The CMA worries that reduced competitive pressure could dampen investment in new technologies such as AI‑driven image search and licensing automation, potentially stalling industry innovation.

4. Data & Privacy – Both companies aggregate massive amounts of user data. The CMA is evaluating whether a merged data set could give the new entity an undue advantage in targeted advertising or other revenue streams, raising privacy concerns under the UK Data Protection Act and GDPR.

In a statement released to the public, the CMA highlighted that it would “consult with stakeholders, including customers, creators, and other competitors, before making a recommendation on the merger.”

Industry Reactions

The news was met with mixed responses across the creative economy. Shutterstock’s investor community, represented in part by the firm’s shareholders, expressed uncertainty about whether the merger would ultimately unlock shareholder value. Getty’s family owners, meanwhile, remain optimistic, citing potential cost synergies and a unified brand strategy.

Creative professionals on platforms such as Behance and Dribbble voiced concerns that a consolidated market might reduce options for sourcing diverse imagery. Some artists highlighted the risk of platform bias, where algorithmic curation could favour the merged entity’s own assets over independent contributors.

Regulatory Context

The CMA’s involvement comes at a time when other regulators are also taking notice. In the United States, the Federal Trade Commission (FTC) has not yet issued a formal stance but is expected to examine the deal under the Hart‑Scott‑Rodino Antitrust Improvements Act. Meanwhile, the European Commission has expressed a “watch‑dog” stance, indicating that a European review could follow if the merger proceeds.

Notably, the CMA’s investigation is unique in that it extends beyond mere market concentration. According to the authority’s own guidance, the CMA will also consider “the broader economic impact on consumer welfare, innovation, and the supply chain ecosystem.” The agency’s methodology involves a “cost–benefit analysis” that accounts for potential price increases, quality declines, and barriers to entry for new competitors.

Potential Outcomes

There are three main paths the CMA could take:

1. Approval – If the CMA concludes that the merger does not significantly harm competition, it will issue a positive ruling. However, it may attach conditions such as divestitures of certain non‑core assets or commitments to maintain open APIs for third‑party developers.

2. Conditional Approval – The CMA could approve the deal with stringent remedies, requiring the combined firm to separate certain business lines, or to offer a dedicated platform for independent contributors.

3. Block – If the CMA deems the merger “highly likely to reduce competition,” it can block the transaction outright. In this scenario, the companies would need to revisit their strategy or seek alternative partnership models.

The CMA’s decision timeline is not yet public. Historically, the authority has taken between 90 and 180 days to complete a full review, depending on the complexity of the case and the availability of evidence.

What’s Next

Both Getty and Shutterstock have pledged full cooperation with the CMA, providing detailed financial data, market share analysis, and proprietary technology white‑papers. The companies are also preparing to engage with key stakeholders, including 250+ subscription‑based customers and 15,000 independent contributors, to demonstrate the merger’s benefits.

Meanwhile, independent analysts are monitoring the situation closely. Many predict that the CMA’s scrutiny will force the companies to rethink their pricing strategy, possibly introducing tiered licensing or an open‑source licensing model to appease regulators.

The outcome of the CMA’s investigation will have far‑reaching implications for the stock‑image industry, setting precedents for future mergers involving digital media platforms. As the review progresses, stakeholders—from photographers to large media conglomerates—will be watching closely to see whether the merger can proceed, how it will reshape the competitive landscape, and what safeguards will be put in place to protect consumer and creator interests.

The information in this article is drawn from the Neowin news report “Getty and Shutterstock hit a roadblock as UK CMA scrutinises merger,” along with subsequent official releases from the UK Competition and Markets Authority, Getty Images, and Shutterstock, and industry commentary sourced from reputable tech and business news outlets.