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Getty Images and Shutterstock to Merge, Forming $3.7 billion Stock Image Giant

Craig Peters, CEO of Getty Images, speaks during an interview on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2022. REUTERS/Brendan McDermid/File Photo
Craig Peters, CEO of Getty Images, speaks during an interview on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2022. REUTERS/Brendan McDermid/File Photo
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Getty Images and Shutterstock to Merge, Forming $3.7 billion Stock Image Giant

Craig Peters, CEO of Getty Images, speaks during an interview on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2022. REUTERS/Brendan McDermid/File Photo
Craig Peters, CEO of Getty Images, speaks during an interview on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 15, 2022. REUTERS/Brendan McDermid/File Photo

Getty Images said on Tuesday it will merge with rival Shutterstock to create a $3.7 billion stock image powerhouse in a deal that would help the companies navigate the AI era, but likely attract antitrust scrutiny.

Shutterstock's shares were up 9.9% in premarket trading, while shares of Getty Images were up 18.7%, according to Reuters.

The combined company will be named Getty Images Holdings Inc and will continue to trade on the New York Stock Exchange under the ticker symbol "GETY".

At close, Getty Images' CEO, Craig Peters, will serve as CEO of the combined company.

Getty competes with Reuters and the Associated Press in providing photos and videos for editorial use.

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Saudi, Kuwaiti AI Associations Partner to Advance Regional AI Governance

The agreement represents the first international MoU signed by the AIGA - SPA
The agreement represents the first international MoU signed by the AIGA - SPA
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Saudi, Kuwaiti AI Associations Partner to Advance Regional AI Governance

The agreement represents the first international MoU signed by the AIGA - SPA
The agreement represents the first international MoU signed by the AIGA - SPA

The Artificial Intelligence Governance Association (AIGA), under the technical supervision of the Saudi Data and AI Authority (SDAIA), has signed a memorandum of understanding with the Kuwaiti Association of Artificial Intelligence of Things.

The deal aims to foster collaboration in developing and implementing AI governance standards, sharing expertise, and driving scientific research and innovation in Artificial Intelligence of Things (AIoT).

The agreement represents the first international MoU signed by the AIGA, signaling the beginning of expanded efforts to promote the responsible governance of advanced technologies, according to SPA.

The partnership reflects the commitment of both associations to support regional initiatives in AI technology development, enhance governance frameworks, and exchange knowledge, ultimately advancing a responsible and sustainable innovation ecosystem that benefits communities and supports national and regional efforts toward a knowledge-based economy driven by advanced technologies.