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Britain's Competition and Markets Authority had approved the
deal following an investigation but only on condition that
Shutterstock's editorial business be sold to an approved buyer.
The regulator was concerned that the combined company would
result in a substantial lessening of competition resulting in
reduced choice and higher prices for U.K. media outlets.
Getty's board had voted unanimously last week against proceeding
with the deal if it required selling Shutterstock's editorial
business.
Both companies license content including photos, illustrations,
music and videos to major British media companies, advertisers,
publishers and designers, as well as small and medium businesses
in the creative industry, according to the CMA.
The regulator said that the decision to scrap the deal was “a
commercial choice” and noted that it was the two companies that
had initially offered to sell the Shutterstock editorial
business.
Since issuing conditional approval in May, the U.K. regulators
have “worked swiftly and closely with Getty and Shutterstock on
the proposed sale and have engaged with several potential buyers
to assess their suitability,” Margot Daly, who chaired the CMA's
investigation, said in a statement. “This process was at an
advanced stage at the time of Getty’s announcement."
In afternoon trading, Getty Images shares shed 10%. Shutterstock
shares fell 3%.
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