Cleared by the US, derailed by the UK: Getty’s Shutterstock merger falls apart
Getty says it’s “not required” to accept approval conditions that would force Shutterstock to offload its editorial business. | Image: The Verge Getty is planning
Getty says it’s “not required” to accept approval conditions that would force Shutterstock to offload its editorial business. | Image: The Verge Getty is planning to axe its $3.7 billion merger agreement with Shutterstock after a UK regulator imposed restrictions that would prevent part of Shutterstock's business from being included in the deal.
The move comes despite the US Department of Justice granting the deal " unconditional antitrust clearance " in February. In an SEC filing published on Tuesday
in the US, Getty said it is "not required to accept" approval conditions outlined by the UK Competitions and Markets Authority in May that require Shutterstock
to sell its global editorial business, including the Backgrid and Splash paparazzi agencies. Those conditions have proved unapp … Read the full story at The Verge.
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