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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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KACST Manufactures 25 Advanced Electronic Chips by Saudi Talents

The chip design process involved researchers from the National Laboratory, alongside students from four Saudi universities. (SPA)
The chip design process involved researchers from the National Laboratory, alongside students from four Saudi universities. (SPA)
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KACST Manufactures 25 Advanced Electronic Chips by Saudi Talents

The chip design process involved researchers from the National Laboratory, alongside students from four Saudi universities. (SPA)
The chip design process involved researchers from the National Laboratory, alongside students from four Saudi universities. (SPA)

Saudi Arabia’s King Abdulaziz City for Science and Technology (KACST) announced on Thursday its successful design and fabrication of 25 advanced electronic chips, developed by Saudi talents in its cleanroom laboratories for purposes of training, research, and development.

The achievement is part of KACST’s ongoing efforts to support and enable the semiconductor ecosystem in the Kingdom.

These chips are distinguished by their versatility and can be used in a range of applications, including electronics, wireless and high-frequency communications, integrated circuits, energy-efficient lighting, micro-sensor systems, as well as industrial and research applications in measurement and testing.

The chip design process involved researchers from the National Laboratory, alongside students from four Saudi universities. This effort was conducted under the initiatives of the Saudi Semiconductors Program (SSP), which aims to build national expertise in this critical field.

The chips can be used in a range of applications. (SPA)

This milestone is part of a series of strategic initiatives led by KACST to support the semiconductor sector in the Kingdom, including the Saudi Semiconductors Program to boost research and development and qualify human talent and the "Ignition" semiconductor incubator program to support startups and entrepreneurs.

Through these initiatives, KACST underscored its commitment to the ambitious goals of Saudi Vision 2030 by localizing strategic technologies, empowering national talent, and achieving technological self-sufficiency in advanced domains.