Getty Images Holdings (GETY) and Shutterstock (SSTK) said Tuesday they have signed a merger deal to form a combined entity valued at about $3.7 billion.

The new entity will be named Getty Images Holdings and will continue to trade on the New York Stock Exchange under the GETY ticker, the parties added.

Under the terms, Getty will pay a total of $331 million in cash and 319.4 million shares of Getty Images to Shutterstock shareholders, the companies said.

Upon completion, Getty stockholders will own about 55% of the new entity, while Shutterstock will have approximately 45% ownership, according to the companies.

Shares of Getty rose over 47% in recent Tuesday premarket activity, while Shutterstock's shares jumped more than 18%.

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