business
Getty Images to End Shutterstock Merger After U.K. Regulator Requires Sale of Editorial Business
Getty Images plans to end its merger agreement with Shutterstock after July 6 following a U.K. regulator requirement that Shutterstock sell its editorial business. The company disclosed the move in a regulatory filing and said its board intends to redeem 10.5% senior secured notes due 2030 once the agreement ends.
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Getty Images plans to terminate its merger agreement with Shutterstock after July 6. The company disclosed the termination plan in a regulatory filing. A U.K. regulator had said Shutterstock must sell its editorial business for the merger to receive approval.
Getty Images cited that condition as the basis for ending the agreement. The board intends to redeem the company's 10.5% senior secured notes due 2030 once the merger agreement is terminated. The regulatory filing provides no further details on the reasons for the termination or the status of the notes redemption process.
Transparency
How sources framed this
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Regulator enforcing competition rulesDeal blocked by regulatory demand
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EnforcementBlocked
CorroborationModerate · 3 sources
