By Ian Walker

The U.K. competition regulator said the undertakings offered by Getty Images Holdings and stock-photo rival Shutterstock don't address its concerns, and that it will refer the $3.7 billion merger for a further review.

The U.K. Competition and Markets Authority said on Oct. 20 that the deal raised competition concerns and gave the companies until Oct. 27 to address them.

It said Monday that the parties offered undertakings to the CMA. However, it said it didn't believe they were enough to address its concerns that the merger would result in a substantial lessening of competition within a market or markets in the U.K.

The CMA said it will now refer the deal for a further review.

Responding, Getty and Shutterstock said they were disappointed by the decision but remain committed to the merger and will continue to engage with the CMA.

Image companies Getty and Shutterstock in January agreed to merge, creating a group valued at about $3.7 billion including debt.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

November 03, 2025 09:04 ET (14:04 GMT)

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