Getty Images (NYSE: GETY) has seen its stock increase by over 13% week-to-date, following the announcement that Shutterstock shareholders overwhelmingly approved a merger with Getty Images with approximately 82% voting in favor.
The merger will combine the companies to better address customer needs through enhanced content creation and technological innovation. Current Getty Images stockholders are expected to retain nearly 55% of the new entity, which will operate under the Getty Images name.
Following the merger vote, insiders from both companies sold equity holdings, including Getty Images’s senior vice president of e-commerce, Daine Weston, and Shutterstock director Deirdre Bagley, who sold 9,700 restricted stock units.
