TLDR: The UK’s Competition and Markets Authority (CMA) has escalated its investigation into Getty Images’ proposed $3.7 billion acquisition of Shutterstock, moving to an in-depth Phase 2 review. The regulator expressed concerns that the merger could lead to higher prices, worse commercial terms, or lower quality services for customers in the stock imagery market. Getty Images expressed disappointment but remains committed to the deal, which is also under review by the U.S. Department of Justice. The evolving landscape of the stock imagery sector, including the rise of generative AI, adds complexity to the review.
UK Regulator Intensifies Scrutiny of Getty Images’ $3.7 Billion Shutterstock Acquisition
London, UK – November 6, 2025
The Competition and Markets Authority (CMA), Britain’s antitrust watchdog, has significantly escalated its review of Getty Images’ proposed $3.7 billion acquisition of rival Shutterstock. The regulator announced on Monday, November 3, that it is moving the investigation into an in-depth Phase 2 inquiry, signaling deeper concerns about the potential impact of the deal on competition within the visual content market.
The CMA’s decision follows an initial Phase 1 review, which identified potential issues that could result in higher prices, less favorable commercial terms, or a reduction in the quality of service for businesses and individuals who license photos, videos, and other digital content from Getty and Shutterstock. Both companies are global leaders in supplying digital content to a wide range of customers, including news organizations, advertisers, publishers, and designers across the UK and worldwide.
According to the CMA, Getty Images and Shutterstock had offered a “complex package” of remedies late in the Phase 1 process, aimed at addressing the identified competition concerns. However, after assessment, the regulator concluded that these measures were insufficient to fully mitigate the potential negative effects of the merger.
In response to the CMA’s decision, Getty Images issued a statement expressing disappointment. “Getty Images offered comprehensive remedies to avoid a Phase 2 review and is disappointed at the CMA’s decision but remains committed to the proposed merger and will continue to engage with the CMA and work with Shutterstock to expeditiously secure the necessary clearances,” Getty stated.
The in-depth Phase 2 inquiry will be led by an independent panel of experts who will conduct a more detailed investigation into the merger’s implications. The CMA’s scrutiny reflects broader concerns over consolidation in digital content markets and the potential for reduced choice and innovation.
The stock imagery sector is currently undergoing significant transformation, driven by shifting budgets towards digital and social platforms. A key factor adding new pressure to the market is the rapid rise of generative artificial intelligence. Image companies are actively exploring licensing agreements and tools that enable customers to create visuals, while simultaneously striving to protect creator rights and navigate legal complexities. In this dynamic environment, a merger between two industry giants like Getty and Shutterstock could significantly influence industry standards for AI-related licensing, content moderation, the development of datasets, and the structure of royalty payments for AI-generated images trained on licensed works.
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The outcome of this detailed review will have far-reaching implications for marketing budgets, newsroom operations, and the earning potential of creative professionals. The deal is also currently under review by the United States Department of Justice, indicating international regulatory attention on this significant consolidation in the visual content industry. Investors, creators, and customers are advised to anticipate a thorough process with potential remedies on the table, as the decision will help shape how visual content is sourced, priced, and licensed in the coming years.
