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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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Apple Still Barred from Selling iPhone 16 in Indonesia Despite Investment Deal, Minister Says

Used mobile phones including the Apple iPhone are displayed for sale at a shop in Jakarta on January 8, 2025. (AFP)
Used mobile phones including the Apple iPhone are displayed for sale at a shop in Jakarta on January 8, 2025. (AFP)
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Apple Still Barred from Selling iPhone 16 in Indonesia Despite Investment Deal, Minister Says

Used mobile phones including the Apple iPhone are displayed for sale at a shop in Jakarta on January 8, 2025. (AFP)
Used mobile phones including the Apple iPhone are displayed for sale at a shop in Jakarta on January 8, 2025. (AFP)

Apple still cannot sell its iPhone 16 in Indonesia despite striking a deal to build a local production facility there, as it has not met domestic content rules, the industry minister said on Wednesday.

Last year, Indonesia banned iPhone 16 sales after Apple failed to meet requirements that smartphones sold domestically should comprise at least 35% locally-made parts.

Minister Agus Gumiwang Kartasasmita said Apple had struck a deal to build a facility producing its Airtag tracking device on Indonesia's Batam island, close to Singapore, but that still would not count as a locally-made iPhone part.

"There is no basis for the ministry to issue a local content certification as a way for Apple to have the permission to sell iPhone 16 because (the facility) has no direct relations," he said, adding the ministry would only count phone components.

Indonesia's investment minister said late on Tuesday the factory would be worth $1 billion and that it would start operations next year.

Agus, who held two days of meetings with Apple's vice president of global government affairs Nick Ammann, said Apple had proposed "innovative investment" which Indonesia had countered.

Apple has no manufacturing facilities in Indonesia, a country of about 280 million people, but has since 2018 set up application developer academies.