Photo by Jamie Street on Unsplash
Getty Images To Merge With Rival Shutterstock To Create A $3.7 Billion Company
- Written by Andrea Miliani Former Tech News Expert
- Fact-Checked by Justyn Newman Former Lead Cybersecurity Editor
Getty Images and Shutterstock announced a merger of equal transactions this Tuesday to create a visual content company valued at $3.7 billion. The new partnership was formed after both companies faced challenges with the arrival of artificial intelligence.
In a Rush? Here are the Quick Facts!
- Getty Images and Shutterstock announced a merger on Tuesday to create a $3.7 billion visual content company.
- Both companies will work together to expand its portfolio and develop new innovative technologies including generative AI.
- Getty Images will keep the name and ownership majority of 54.7%.
In a press release , the companies explained that the name of the new enterprise will remain Getty Images Holdings, including its symbol—GETY—at the New York Stock Exchange. The new venture will develop new technologies and products, and include generative AI as an ally.
“With the rapid rise in demand for compelling visual content across industries, there has never been a better time for our two businesses to come together,” said Craig Peters, Getty Images CEO. “By combining our complementary strengths, we can better address customer opportunities while delivering exceptional value to our partners, contributors, and stockholders.”
Among the merger’s benefits, the companies highlighted a broader portfolio with more images and opportunities for creators, debt repayment acceleration, more revenue, and a better financial profile. While Peters will serve as CEO of the combined company, it will include Shutterstock directors on the board.
“We look forward to working closely with the Getty Images management team to complete the transaction and drive the next chapter of growth,” said Paul Hennessy, Shutterstock CEO.
Getty investors will own 54.7% and Shutterstock’s stakeholders 45.3%.
According to Reuters , Peters said they expect the U.S. government’s antitrust approval soon and minimized the impact of recent AI developments. In 2023, Getty Images filed a lawsuit against Stability AI for misusing the company’s images to train its AI model.
Other companies in the visual content industry have taken big business steps too to stay ahead in the AI race. Canva recently acquired the generative AI platform Leonardo.ai .
Photo by Dima Solomin on Unsplash
Meta Announces End Of Fact-Checking Program
- Written by Andrea Miliani Former Tech News Expert
- Fact-Checked by Justyn Newman Former Lead Cybersecurity Editor
Meta’s CEO Mark Zuckerberg announced this Tuesday that the company will end its fact-checking program—provided by third parties—on its platforms Facebook, Instagram, and Threads.
In a Rush? Here are the Quick Facts!
- Zuckerberg announced the removal of the fact-checking program from Facebook, Instagram, and Threads.
- Instead of content verified by third parties, Meta will implement a new feature similar to X’s “Community Notes.”
- The new measure has been considered a strategy to please upcoming president Donald Trump.
Through an Instagram video , Zuckerberg explained that this decision has been made to “restore free expression” and that instead of fact-checkers, the platform will rely on user criteria through a feature similar to “Community Notes,” a collaborative system used by the social media platform X in which the users provide context.
“It’s time to get back to our roots around free expression,” said Zuckerberg in the video announcement. “I want to make sure that people can share their beliefs and experiences on our platforms.”
Zuckerberg added that the content moderation system has made many mistakes , increased censorship, and that the third parties in charge of monitoring the information were “too politically biased.”
Analysts and multiple publications have considered the decision to be a response in alignment with Donald Trump’s upcoming administration. In 2024, Trump threatened Zuckerberg with imprisonment for life and accused him of conspiring against him in 2020. Both seem to have restored the relationship and Zuckerberg donated $1 million to Trump’s inauguration fund in December.
According to CNBC , Trump has also expressed his content with the removal of the fact-checking program. “Honestly, I think they’ve come a long way—Meta,” said Trump in a press release this Tuesday. When asked about this decision being taken after his threat, he said “Probably.”
Meta’s version of “Community Notes” will begin to roll out in the upcoming months in the United States.
