CMA Opens Initial Investigation into Getty Images’ Planned Acquisition of Shutterstock

Key Takeaways

• Initial CMA Probe: The Competition and Markets Authority (CMA) has opened a Phase 1 investigation into Getty Images’ anticipated acquisition of Shutterstock.
• Timeline Set: The review’s initial period begins 26 August 2025, with a decision deadline of 20 October 2025.
• Possible Escalation: If competition concerns are identified, the merger could be referred for a Phase 2 investigation.
• Market Impact: Getty Images and Shutterstock are the two largest global stock content providers, raising questions of market concentration.
• High Stakes: The deal would mark one of the biggest consolidations in the stock photography and digital asset sector.

Deep Dive

The UK’s Competition and Markets Authority (CMA) has confirmed it will launch an initial investigation into the proposed acquisition of Shutterstock by Getty Images, two of the world’s largest stock image providers.

In a notice published on 22 August 2025, the regulator stated it had gathered sufficient information to begin its review under the Enterprise Act 2002. The “initial period” of the CMA’s assessment will begin on 26 August and run until 20 October 2025. By that deadline, the authority must decide whether to clear the merger at this stage or escalate the matter to a full Phase 2 investigation.

The CMA’s review process is designed to assess whether the deal could result in a substantial lessening of competition in the UK market. Getty Images and Shutterstock together dominate the global market for stock photography, video, and digital assets, raising potential concerns over market concentration and the impact on customers, including media outlets, advertisers, and corporate users.

A Phase 1 investigation typically focuses on whether there are obvious risks to competition. If concerns are identified that cannot be resolved through early remedies, the CMA has the power to refer the transaction to Phase 2, a more in-depth inquiry that can take several months and may ultimately lead to the deal being blocked or approved subject to conditions.

Getty Images, headquartered in Seattle, and Shutterstock, based in New York, are both publicly traded companies that have long been rivals in the stock content space. The proposed deal, if cleared, would mark one of the most significant consolidations in the sector to date.

The CMA has not yet disclosed whether it has received commitments or representations from the parties involved. The regulator’s decision in October will determine whether the merger proceeds smoothly or faces a prolonged regulatory battle.

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