BUZZ-Getty Images jumps on merger with rival Shutterstock

Updates

Shares of Getty Images GETY.N soar ~35% to $3.47

Getty Images said it will merge with rival Shutterstock SSTK.N to create a $3.7 billion entity

The combined company will be named Getty Images Holdings Inc and will continue to trade on the NYSE under the ticker symbol "GETY"

*The deal is expected to generate between $150 million and $200 million in annual cost savings by the third year of the combined company

GETY shares were down 59% in 2024

(Reporting by Jaiveer Singh Shekhawat in Bengaluru)

((JaiveerSingh.Shekhawat@thomsonreuters.com;))