Merger Update : Getty Images / Shutterstock

Reference to a Phase 2 investigation: Getty Images/Shutterstock

On 20 October 2025, the CMA decided that it was or may be the case that the above Merger may be expected to result in a substantial lessening of competition (SLC) within a market or markets in the United Kingdom.

Pursuant to section 73A(1) of the Act, Getty Images Holdings, Inc and Shutterstock, Inc. (the Parties) had until 27 October 2025 to offer an undertaking to the CMA that might be accepted by the CMA under section 73(2) of the Enterprise Act 2004 (the Act). On 27 October 2025, the Parties offered undertakings to the CMA. Having considered these undertakings, the CMA does not believe that these undertakings would achieve as comprehensive a solution as is reasonable and practicable to the SLC identified in its decision of 20 October 2025 and the adverse effects resulting from that SLC. The CMA has therefore decided to refer this Merger for a phase 2 investigation pursuant to sections 33 and 34ZA(2) of the Act.