Getty Images (GETY.N): Getty to Terminate Shutterstock Merger Following U.K. CMA Sale Requirements; Watching Capital Structure

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Getty Images (GETY.N): Getty to Terminate Shutterstock Merger Following U.K. CMA Sale Requirements; Watching Capital Structure

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01 Jul 2026 00:02:43 ET │ 10 pages

Getty Images (GETY.N)

Getty to Terminate Shutterstock Merger Following U.K. CMA Sale

Requirements; Watching Capital Structure

CITI'S TAKE Neutral

Price (30 Jun 26 16:00) US$0.86 After the close, GETY announced its intention to not proceed with the UK

Target price US$0.85 CMA-supervised sale of Shutterstock’s Editorial business (including Rex

Features, Splash News, and Backgrid brands) and to terminate the Merger Expected share price return -1.2%

Agreement with SSTK on 7/6, the Second Extended End Date of the CMA, Expected dividend yield 0.0%

assuming no changes to the CMA’s requirement. Following termination, Expected total return -1.2%

Getty intends to redeem $628.4M of 10.5% senior secured notes due Market Cap US$360M

2030 and review strategic financing alternatives. While surprised by the

announcement given GETY’s commitment to the merger (announced Jan

'25), we believe this outcome is the result of relatively low demand for

SSTK’s Editorial business. While we await updates on Getty’s operations Ronald JoseyAC

and clarity on its capital structure going forward, we look for management +1-212-816-4545

to refocus on its core strategy of expanding and licensing (we note its ronald.josey@citi.com

recent OpenAI partnership) its digital asset library, growing its Jake Hallac, CFA

subscription mix, and deliver stable operating margins; maintain Neutral. +1-212-816-2001

jake.hallac@citi.com

Jamesmichael Sherman-Lewis

+1-415-627-6014

• GETY/SSTK Merger to be Terminated on 7/6: Getty’s decision to terminate jamesmichael.shermanlewis@citi.com