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Shutterstock (SSTK) says Getty Images board plans to terminate merger after CMA conditions

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Shutterstock, Inc. reports that Getty Images’ board has decided not to continue the U.K. Competition and Markets Authority–supervised process to sell Shutterstock’s editorial business, which had been required for regulatory clearance of their previously announced merger.

Getty Images also stated in its own disclosure that its board unanimously resolved to terminate the Agreement and Plan of Merger following the passage of the Second Extended End Date on July 6, 2026, assuming no material change in circumstances before July 7, 2026. Shutterstock’s CEO Paul Hennessy emphasized the company’s history as a standalone business, citing strong cash resources, modest leverage and robust free cash flow as support for continued investment in products, customers and employees. Shutterstock plans to share further details on its business and strategic plans in its second-quarter earnings release.

Positive

  • None.

Negative

  • Planned termination of merger agreement: Getty Images’ board has resolved to terminate the Agreement and Plan of Merger with Shutterstock after the Second Extended End Date, meaning the anticipated strategic combination is not expected to proceed if current circumstances persist.

Insights

Regulatory hurdles lead Getty Images’ board to plan termination of its merger with Shutterstock.

The core development is Getty Images’ decision to stop pursuing the CMA‑supervised sale of Shutterstock’s editorial business, which was a condition for merger clearance. Its board has also resolved to terminate the merger agreement after the Second Extended End Date, subject to unchanged circumstances.

For shareholders, this removes the previously expected combination and leaves Shutterstock independent, relying on its own cash generation and balance sheet. Management highlights strong cash, modest leverage and robust free cash flow, but the strategic benefits and any synergies from the proposed merger will not be realized if termination proceeds as described.

Further clarity is expected when Shutterstock provides an update on its business and strategic plans with its second‑quarter earnings release, which will help frame how the company intends to operate and allocate capital as a standalone entity after the proposed merger ends.

Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 8.01 Other Events Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Agreement and Plan of Merger financial
"Shutterstock, Inc. entered into an Agreement and Plan of Merger (the “Merger Agreement”)"
An Agreement and Plan of Merger is a formal document where two companies agree to combine into one, outlining how the process will happen. It’s like a step-by-step plan for merging, and it matters because it shows both sides have agreed on the details before the official transition takes place.
U.K. Competition and Markets Authority regulatory
"the U.K. Competition and Markets Authority (the “CMA”) conditioned its required clearance"
forward-looking statements regulatory
"Forward-Looking Statements The statements in this on include forward-looking statements"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
registration statement on Form S-4 regulatory
"Getty Images filed with the Securities and Exchange Commission a preliminary registration statement on Form S-4"
A registration statement on Form S-4 is a formal filing with the U.S. Securities and Exchange Commission used when a company issues shares or other securities as part of a merger, acquisition, exchange offer or similar corporate deal. It bundles the transaction terms, financial statements, risk factors and shareholder vote materials so investors can assess the deal; think of it as a detailed prospectus or buyer’s packet that explains what you would own and how the deal could change your stake.
proxy statement/prospectus financial
"that also constitutes a prospectus with respect to shares of Getty Images’ common stock"
A proxy statement or prospectus is a document that companies send to shareholders to provide important information about upcoming decisions or investments, such as voting on company issues or offering new shares to the public. It helps investors understand the details and risks involved, enabling them to make informed choices about their ownership or involvement with the company.
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Learn about SEC filing dates

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 30, 2026

Shutterstock, Inc.
(Exact name of registrant as specified in its charter)

Delaware
 
001-35669
 
80-0812659
(State or other jurisdiction
of incorporation)
 
(Commission File Number)
 
(IRS Employer
Identification No.)

350 Fifth Avenue, 20th Floor
New York, NY 10118
(Address of principal executive offices, including zip code)

(646) 710-3417

(Registrant’s telephone number, including area code)

Not Applicable
(Former name, former address and former fiscal year, if changes since last report)



Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Class
Trading symbol
Name of each exchange on which registered
Common Stock, $0.01 par value per share
SSTK
New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 7.01
Regulation FD Disclosure.

As previously announced, on January 6, 2025, Shutterstock, Inc. (the “Company”), entered into an Agreement and Plan of Merger (the “Merger Agreement”), by and among Getty Images Holdings, Inc. (“Getty Images”), the Company and certain other parties. After reviewing the proposed merger, the U.K. Competition and Markets Authority (the “CMA”) conditioned its required clearance of the transactions contemplated by the Merger Agreement upon a sale of the Company’s editorial business.

On June 30, 2026, Getty Images filed an 8-K announcing that its Board of Directors unanimously resolved (a) not to proceed with the process to sell the Company’s editorial business under the supervision of the CMA, and (b) to terminate the Merger Agreement following the passage of the Second Extended End Date (as defined in the Merger Agreement) on July 6, 2026, assuming no material change in the aforementioned circumstances prior to July 7, 2026.

“Looking ahead, Shutterstock is operating from a position of strength,” said Paul Hennessy, CEO of Shutterstock. “We have a strong track record as a standalone company and remain firmly focused on executing our strategy and capitalizing on the significant opportunities ahead of us. Our strong cash position, modest leverage and robust free cash flow generation will enable us to continue to invest in our product offerings, our customers and our people.”

“The Shutterstock team has served our customers with distinction and will continue to do so. We are all energized and feel well equipped for the road ahead,” added Hennessy.

The Company will provide an update on its business and strategic plans as part of its second quarter earnings release.

Item 8.01.
Other Events.

The first two paragraphs of Item 7.01 above are hereby incorporated into this Item 8.01 by reference.

Item 9.01.
Financial Statements and Exhibits.

(d)
Exhibits

Exhibit No.
 
Description
104
 
Cover Page Interactive Data File (formatted as Inline XBRL).

2

Forward-Looking Statements

The statements in this current report on Form 8-K include forward-looking statements concerning Getty Images, the Company, the proposed transaction described herein and other matters. All statements, other than historical facts, are forward-looking statements. Forward-looking statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition, financings or otherwise, based on current beliefs and involve numerous risks and uncertainties that could cause actual results to differ materially from expectations. Forward-looking statements speak only as of the date they are made or as of the dates indicated in the statements and should not be relied upon as predictions of future events, as there can be no assurance that the events or circumstances reflected in these statements will be achieved or will occur or the timing thereof. Forward-looking statements can often, but not always, be identified by the use of forward-looking terminology including “believes,” “expects,” “may,” “will,” “should,” “could,” “might,” “seeks,” “intends,” “plans,” “pro forma,” “estimates,” “anticipates,” “designed,” or the negative of these words and phrases, other variations of these words and phrases or comparable terminology, but not all forward-looking statements include such identifying words. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary. The forward-looking statements in this current report on Form 8-K relate to, among other things, obtaining applicable regulatory approvals for the proposed transaction on a timely basis or otherwise. A more fulsome discussion of the risks related to the proposed transaction has been included in the definitive proxy statement filed by the Company and the definitive information statement and prospectus filed by Getty Images with the SEC on April 30, 2025 the (collectively, “Information Statement and Proxy Statement/Prospectus”). For a discussion of factors that could cause actual results to differ materially from those contemplated by forward-looking statements, see the section captioned “Risk Factors” in each of Getty Images’ and the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and other filings with the SEC. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward looking statements. While the list of factors presented here is, and the list of factors presented in the Information Statement and Proxy Statement/Prospectus is considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward looking statements. Neither Getty Images nor the Company assumes, and each hereby disclaims, any obligation to update forward-looking statements, except as may be required by law.

Additional Information about the Merger and Where to Find It

In connection with the proposed transaction, on March 31, 2025, Getty Images filed with the Securities and Exchange Commission (the “SEC”) a preliminary registration statement on Form S-4 that includes an information statement of Getty Images and a proxy statement of the Company and that also constitutes a prospectus with respect to shares of Getty Images’ common stock to be issued in the proposed transaction (the “information statement and proxy statement/prospectus”). The registration statement was amended in a pre-effective amendment on Form S-4/A on April 28, 2025. The registration statement, as amended, was declared effective on April 30, 2025, and Getty Images filed a final prospectus on April 30, 2025. Each of Getty Images and the Company may also file with or furnish to the SEC other relevant documents regarding the proposed transaction. This communication is not a substitute for the information statement and proxy statement/prospectus or any other document that Getty Images or the Company has filed or may file with or furnish to the SEC. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE INFORMATION STATEMENT AND PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS THAT ARE OR WILL BE FILED WITH OR FURNISHED TO THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of the information statement and definitive proxy statement/prospectus and other documents containing important information about Getty Images, the Company and the proposed transaction through the website maintained by the SEC at www.sec.gov. Copies of the documents filed with or furnished to the SEC by Getty Images are available free of charge on Getty Images’ website at investors.gettyimages.com or by contacting Getty Images’ Investor Relations department by email at investorrelations@gettyimages.com. Copies of the documents filed with or furnished to the SEC by the Company are available free of charge on the Company’s website at investor.shutterstock.com or by contacting Shutterstock’s Investor Relations department by email at IR@Shutterstock.com.

3

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
SHUTTERSTOCK, INC.
     
Dated: July 1, 2026
By:
/s/ Rik Powell
   
Rik Powell
   
Chief Financial Officer


4

FAQ

What did Shutterstock (SSTK) announce regarding its merger with Getty Images?

Shutterstock disclosed that Getty Images’ board has decided not to pursue the CMA‑supervised sale of Shutterstock’s editorial business and has resolved to terminate the merger agreement after the Second Extended End Date, assuming no material change in circumstances before July 7, 2026.

Why is the Shutterstock–Getty Images merger expected to be terminated?

The U.K. Competition and Markets Authority conditioned merger clearance on selling Shutterstock’s editorial business. Getty Images’ board decided not to proceed with that sale process and resolved to terminate the merger agreement after July 6, 2026, if circumstances remain unchanged before July 7, 2026.

How does Shutterstock describe its position after the planned merger termination?

CEO Paul Hennessy stated that Shutterstock is operating from a position of strength, citing a strong cash position, modest leverage and robust free cash flow, which the company expects will support ongoing investment in its product offerings, customers and employees as a standalone business.

Will Shutterstock provide more details on its strategy following the failed merger?

Yes. Shutterstock indicated it will provide an update on its business and strategic plans as part of its second quarter earnings release, offering investors additional insight into how the company intends to move forward independently after the planned termination of the merger agreement.

What role did the U.K. Competition and Markets Authority play in the Shutterstock–Getty Images deal?

The U.K. Competition and Markets Authority reviewed the proposed merger and conditioned required clearance on a sale of Shutterstock’s editorial business. Getty Images’ board later chose not to proceed with that sale process, contributing to its decision to resolve to terminate the merger agreement.

Where can investors find more information about the proposed Shutterstock–Getty Images transaction?

Investors can review the information statement and proxy statement/prospectus included in Getty Images’ registration statement on Form S‑4 and related documents, along with each company’s Form 10‑K for the year ended December 31, 2025, all available through the SEC’s website and the companies’ investor relations sites.

Filing Exhibits & Attachments

3 documents