Getty Images Holdings, Inc (GETY) saw its stock plummet by a staggering 15.97% in the pre-market trading session on Wednesday, following the announcement of a $3.7 billion merger with its rival Shutterstock (SSTK).

While the merger, structured as a merger of equals, initially sent both companies' shares soaring, concerns quickly emerged over potential antitrust scrutiny given the combined entity's significant market share in the visual content licensing industry. The deal is expected to create a visual content powerhouse under the Getty Images name, with Getty shareholders owning approximately 55% of the combined company.

However, investors appear wary of the potential regulatory hurdles the deal may face. The Biden administration has taken a tough stance on antitrust issues, and the merger's announcement comes as the presidency is set to change hands, adding uncertainty to the regulatory landscape. Despite the potential synergies and cost-saving opportunities highlighted by the companies, the antitrust concerns appear to be weighing heavily on investor sentiment, driving Getty Images' stock down significantly in the pre-market session.