US photo agencies Getty and Shutterstock to merge

NEW YORK — Two of the world’s largest picture agencies, Getty Images and Shutterstock, announced plans to merge on Tuesday in a move that will create a giant in the visual content sector.

The firms intend to pool their gigantic image platforms, achieving savings of between $150 million and $200 million in the three years after the merger is completed, they announced in a joint statement.

The new company, which will be called Getty Image Holdings, will be valued at around $3.7 billion dollars, according to the press release.

“With the rapid rise in demand for compelling visual content across industries, there has never been a better time for our two businesses to come together,” said Getty Images chief executive Craig Peters.

“By combining our complementary strengths, we can better address customer opportunities while delivering exceptional value to our partners, contributors, and stockholders,” he added.

Still trading

Getty Images Holdings will continue to be listed on the New York Stock Exchange.

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As part of the deal, Getty Images will offer to pay $331 million in cash and will also offer 319.4 million of its shares to Shutterstock shareholders.

Once the deal is complete, Getty Images shareholders will own approximately 54.7 percent of the new entity, and Shutterstock shareholders will own around 45.3 percent.