Shutterstock Inc. saw its stock price plummet by 8.12% in pre-market trading on Wednesday, following reports of the company's planned merger with Getty Images in a $3.7 billion deal.
The merger aims to address the growing demand for licensed content amid the rise of artificial intelligence (AI) technologies. Under the proposed deal, Getty shareholders will retain a 54.7% stake in the combined company.
The pre-market decline in Shutterstock's stock price could be attributed to investor concerns about the financial implications and potential challenges associated with the merger. Integrating two major players in the stock image and content licensing industry may pose operational and strategic hurdles.
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