Shutterstock said the Getty Images merger will be terminated after Getty declined to sell Shutterstock's editorial business required by the CMA, and the company will continue operating as a standalone with strong cash and strategy focus.
Key Highlights:
- Getty resolved not to pursue sale of Shutterstock's editorial business and to terminate the merger after the Second Extended End Date.
- Termination follows CMA conditioning clearance on a divestiture of Shutterstock's editorial unit.
- Shutterstock says it is operating from a position of strength with strong cash, modest leverage and robust free cash flow.
- Company will update on business and strategic plans with its second-quarter earnings release.
Original SEC Filing:
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