Getty Images and Shutterstock announced that the companies will merge and create a $3.7 billion 'premier visual content company.'

Shutterstock are joining forces in a merger valued at around $3.7 billion, the companies announced on Tuesday. The merger will allow the companies to expand their stock photo libraries as they face increasing competition from AI-powered image creation tools.

Key Takeaways Getty Images and Shutterstock are teaming up in what Getty called a merger of equals.The deal between the two providers of stock images and video is designed to meet the changing needs of the creative,