Shutterstock Inc Stock Price, News & Analysis

Shutterstock, Inc. (NYSE: SSTK) announced on Feb. 8, 2021, that John Lapham has joined its leadership team as General Counsel. With over 20 years of legal experience, Lapham will lead Shutterstock's global legal strategy and manage risk within the organization. Previously, he served as General Counsel at Rover.com and held senior legal roles at Getty Images. Lapham's expertise in business and regulatory affairs is expected to support Shutterstock's growth and innovation agenda.

On February 2, 2021, Shutterstock (NYSE: SSTK) announced the launch of The Vault, an extensive archival collection featuring over 50 million photo and video assets. Located in London, The Vault emphasizes historical content from various categories, providing customers access to a rich narrative of the 20th Century. This initiative includes collaborations with prominent partners like AP and ITV, delivering unique archival photography and footage. The Vault's offerings encompass notable collections such as The Rex Features Collection and exclusive ITV archives.

Shutterstock, Inc. (NYSE: SSTK) announced its acquisition of TurboSquid, Inc. for $75 million in cash. This strategic move positions Shutterstock as the world's largest 3D marketplace, enhancing its offerings in 3D, AR, and VR content. TurboSquid, a leader in 3D model marketplaces, provides over one million models and a digital asset management solution. The acquisition is expected to be immediately accretive to Shutterstock’s adjusted net income and EBITDA, with a closing targeted for early February 2021, subject to standard conditions.

Shutterstock, Inc. (NYSE: SSTK) has extended its exclusive agreement with the european pressphoto agency (epa) to distribute epa's visual content in North America, the U.K., and Ireland, effective from January 15, 2021. Since January 2017, Shutterstock has utilized epa's daily output of around 2,200 images, giving editorial clients access to epa's extensive archive of nearly nine million images. Both companies expressed satisfaction with the renewal, emphasizing its potential for growth and enhanced access to premium content for their users.

Shutterstock announced a three-year partnership with West Ham United Football Club, enabling real-time photography for all Premier League, FA Cup, and League Cup matches. The agreement grants Shutterstock exclusive access to off-field events, including training sessions and press conferences. This partnership will enhance West Ham's global reach, providing high-quality visuals to supporters and commercial partners. Shutterstock aims to tap into the growing sports sector, particularly during times when fan attendance is restricted.

Shutterstock, Inc. (NYSE: SSTK) announced a cash dividend increase of $0.21 per share, reflecting a 24% raise from the previous $0.17. The dividend will be payable on March 18, 2021 to stockholders on record by March 4, 2021. CEO Stan Pavlovsky stated this increase demonstrates the company's commitment to returning value to stockholders and confidence in future business prospects. This marks a significant step in enhancing shareholder value amidst ongoing market dynamics.

Shutterstock, Inc. (NYSE: SSTK) will release its fourth quarter and full year 2020 financial results on February 11, 2021, prior to market opening. A conference call will follow at 8:30 a.m. ET where results will be discussed. Access details include a U.S. dial-in number of (844) 634-1442 and a conference ID# 4294996. A live audio webcast will be available on Shutterstock's investor relations page, with recorded replays accessible until February 18, 2021.

Shutterstock (NYSE:SSTK) has launched The Create Fund, a $300,000 grant program aimed at supporting artists focusing on diversity, inclusion, social justice, and environmental issues. This initiative is designed to fill content gaps and enhance representation within its content library. Grants will be awarded for projects promoting climate awareness, mental health, and supporting senior creatives. Artists can apply until February 8, 2021, and will be selected by a diverse panel. The program aims to empower underrepresented artists and enrich Shutterstock's offerings.