Getty Images plans to terminate its merger agreement with Shutterstock after a U.K. regulator said the latter company must sell its editorial business in order for the merger to be approved.
Getty said Tuesday that the U.K. Competition and Markets Authority conditioned its clearance of the merger of equals on the sale of Shutterstock’s editorial business — a condition Getty said it wasn’t required to accept under the merger agreement.
Its board voted not to proceed with a process of selling Shutterstock’s editorial business and instead terminate the merger agreement on July 6, assuming the situation doesn’t materially change by then, according to a Tuesday filing with the Securities and Exchange Commission.
Comments
No comments on this item Please log in to comment by clicking here