The Competition and Markets Authority (CMA) is investigating the anticipated acquisition by Getty Images Holdings, Inc. of Shutterstock, Inc.
Phase 2
Administrative timetable
| Date | Action |
|---|---|
| 3 November 2025 | Referral date |
| 14 June 2026 | Statutory deadline |
- (11.3.26)
Contact
gettyimages.shutterstock@cma.gov.uk
Responses to the invitation to comment on remedies
- (27.3.26)
- (27.3.26)
- (27.3.26)
Responses to the interim report
- (27.3.26)
- (27.3.26)
- (27.3.26)
- (27.3.26)
Invitation to comment on remedies: now closed
11 March 2026: The invitation to comment on remedies sets out and consults on the actions which the CMA might take for the purpose of remedying the substantial lessening of competition and/or any resulting adverse effects provisionally identified in the interim report.
The deadline for submitting comments on possible remedies was 5pm on Wednesday 18 March 2026.
- (11.3.26)
Notice of extension of statutory period
- (11.3.26)
Interim report
19 February 2026: The CMA has provisionally found competition concerns in respect of the supply of editorial content in the UK, but not in respect of the supply of stock content globally, as part of its in-depth investigation of the anticipated acquisition by Getty Images Holdings, Inc. of Shutterstock, Inc.
The deadline for submitting responses to the interim report was 5pm on Thursday 12 March 2026.
- (19.2.26)
- (19.2.26)
- (23.2.26)
- (23.2.26)
- (23.2.26)
Responses to the Phase 1 Decision
- (20.1.26)
Interim undertakings
1 December 2025: On 26 November 2025, the CMA has accepted interim undertakings offered by Shutterstock, Inc. pursuant to section 80 of the Enterprise Act 2002.
- (1.12.25)
Inquiry group appointed
3 November 2025: The CMA has appointed the following inquiry group:
Terms of reference
3 November 2025: The CMA has referred the anticipated acquisition by Getty Images Holdings, Inc. of Shutterstock, Inc. for an in-depth investigation.
- (3.11.25)
Phase 1
Statutory timetable
| Date | Action |
|---|---|
| 17 December 2025 | Phase 1 decision published |
| 20 October 2025 | Phase 1 decision announced |
| 22 August 2025 | Launch of merger inquiry |
| 23 June 2025 to 7 July 2025 | Invitation to comment |
Reference decision
3 November 2025: The CMA has referred the anticipated acquisition by Getty Images Holdings, Inc. of Shutterstock, Inc. for an in-depth investigation, on the basis that, on the information currently available to it, it is or may be the case that this merger may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom.
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(17.12.25)
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Press release: Image deal to move to in-depth investigation (3.11.25)
Reference unless undertakings accepted
20 October 2025: The CMA has decided, on the evidence currently available to it, that it is or may be the case that this merger may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom. This merger will be referred for an in-depth, phase 2 investigation unless the parties offer an acceptable undertaking to address these competition concerns.
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(17.12.25)
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(20.10.25)
Launch of merger inquiry
22 August 2025: The CMA announced the launch of its merger inquiry by notice to the parties.
- (22.8.25)
Invitation to comment: closed
23 June 2025: The Competition and Markets Authority (CMA) is considering whether it is or may be the case that this transaction, if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.
The CMA is issuing this ‘invitation to comment’ to allow interested parties to submit to the CMA any views on the impact that the transaction could have on competition in the UK. The CMA has not yet launched its formal investigation into this transaction.
To assist it with this assessment, the CMA invites comments on the transaction from any interested party.
Contact
Please send written representations about any competition issues to gettyimages.shutterstock@cma.gov.uk
Privacy notice
Your name and contact details are your personal data. In collecting, receiving, storing, accessing and using your personal data, the CMA, as controller, is processing your personal data. The CMA processes personal data in accordance with data protection law. The CMA is processing your personal data so that it can contact you again, should it need further help or information from you, in order to carry out its merger work under Part 3 of the Enterprise Act 2002. For more information about how the CMA processes personal data and your rights relating to that data, please see our Privacy notice.
Updates to this page
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Responses to the invitation to comment on remedies and responses to the interim report published.
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Invitation to comment on remedies, notice of extension of statutory period and administrative timetable update published.
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Full text of interim report, DJS report (Stock customer survey) and appendices published
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Interim report notice and summary of interim report published.
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Joint response from parties to Phase 1 decision published.
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Phase 1 full text decision and decision to refer published.
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Interim undertakings published
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Administrative timetable published.
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Decision to refer to phase 2, and terms of reference published.
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Summary of phase 1 decision published.
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Commencement notice published
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First published.