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Shutterstock

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business1 day ago•16 min saved

Getty Images to Go Private via Chapter 11 After Failed Shutterstock Merger

Getty Images will file for Chapter 11 bankruptcy to go private, backed by up to $533 million in new equity from affiliates of Charles Koch’s investment firm. The move follows the collapse of a $3.7 billion merger with Shutterstock due to UK regulatory hurdles. The company aims to emerge from restructuring by year-end, focusing on its core editorial business while acknowledging declines in its iStock segment due to AI disruption.

via The Hollywood Reporter|

#bankruptcy #business #getty-images

business3 months ago•17 min saved

Regulator Roadblock Forces Getty-Shutterstock $3.7B Merger to Fold

Getty Images walked away from its $3.7 billion merger with Shutterstock after the UK CMA demanded the sale of Shutterstock’s editorial business, a condition the Getty board deemed a non-starter. The company says it will hire a financial adviser to explore strategic financing alternatives as it contemplates next steps. The deal would have generated roughly $150–$200 million in annual synergies and would have consolidated stock and editorial visuals, underscoring regulatory leverage in major media deals even as Getty had recently inked a licensing pact with OpenAI to license its library for ChatGPT.

via The Hollywood Reporter|

#business #cma #getty-images

technology2 years ago•1 min saved

ElevenLabs Unveils AI Tool for Instant Sound Effects

ElevenLabs has introduced a new AI tool that generates sound effects based on user prompts, which can be used for podcasts, movies, or games. The tool offers up to 22 seconds of audio and provides at least four downloadable options. It was developed in collaboration with Shutterstock and is free to use, though commercial licenses require a paid tier. This new feature aims to provide affordable and scalable soundscapes, competing with other AI audio generators like Stability AI's Stable Audio and Meta's AudioCraft.

via The Verge|

#ai #audio-generation #elevenlabs

technology2 years ago•2 min saved

"Apple's Multi-Million Dollar Deal with Shutterstock for AI Image Training"

Apple is set to spend up to $50 million to license millions of images from Shutterstock for its AI initiatives, with plans to potentially train a generative AI chatbot. The company's upcoming WWDC 2024 event may reveal more about its AI plans, including new features for iOS 18 and a possible AI App Store. Discussions with media firms and previous use of machine learning suggest a focus on enhancing user experiences and privacy through on-device technology.

via PhoneArena|

#ai #apple #generative-chatbot

technology3 years ago•1 min saved

OpenAI and Shutterstock Extend Training Partnership for Six More Years

OpenAI has extended its partnership with Shutterstock for another six years, allowing the AI company to continue training its models using Shutterstock's vast library of images, videos, music, and metadata. The collaboration began in 2021, with Shutterstock providing images for OpenAI's text-to-image model, DALL-E. As part of the expanded integration, Shutterstock will now enable users to edit and transform any image in its entire library. While this partnership enhances OpenAI's image models and offers transformative possibilities in content creation, it also raises concerns about the legal implications of AI-generated content.

via The Verge|

#ai-training #content-creation #image-models

business3 years ago•2 min saved

"Stocks on the Move: Shutterstock, Newell Brands, Zillow, and More"

Shutterstock shares surged 10% after announcing an expanded partnership with OpenAI, while Newell Brands jumped over 10% following a buy rating from Canaccord. Zillow saw an 11% increase after being upgraded by Piper Sandler, and Salesforce gained over 2% after announcing price hikes. WD-40 shares popped more than 15% on strong fiscal third-quarter results. In other news, 3M, Amazon, JetBlue Airways, Xpeng, JPMorgan Chase, Novo Nordisk, Scotts Miracle-Gro, Generac, and U.S. Bancorp also experienced notable stock movements.

via CNBC|

#business #newell-brands #salesforce

business3 years ago•1 min saved

Meta sells Giphy at a loss to comply with UK regulator order

Shutterstock is set to acquire animated-images platform Giphy from Meta Platforms for $53 million in cash, following an order from the UK competition regulator to divest the company. Meta had bought Giphy for $400 million in 2020, but the deal was challenged by the Competition and Markets Authority. Giphy's content, which includes GIFs and web-based stickers, is used on platforms such as Facebook, Instagram, TikTok and Microsoft Teams, and garners 15 billion daily impressions. The deal will allow access to about 1.7 billion daily users, according to Shutterstock.

via Reuters|

#acquisition #business #competition

business3 years ago•2 min saved

Meta sells Giphy at a loss of $262M to Shutterstock.

Meta, the parent company of Facebook, will sell Giphy to Shutterstock for $53 million in cash, taking a loss of over $260 million after U.S. antitrust regulators ordered the social media giant to divest the company. The sale comes after UK antitrust regulators determined that allowing Meta to acquire Giphy could harm competitors like Snapchat and Twitter. Giphy is the world's largest repository of animated images and web-based stickers, with over 1.3 billion daily search queries and 15 billion daily media impressions. Shutterstock plans to leverage its unique capabilities to enable the commercialization of Giphy's GIF library.

via Fox Business|

#antitrust #business #giphy

business3 years ago•2 min saved

Meta sells Giphy to Shutterstock for $53 million at a loss.

Meta has sold Giphy to Shutterstock for $53 million, after being ordered to divest it by UK regulators. The sale comes at a significant loss for Meta, which purchased Giphy for $315 million in 2020. Giphy had urged regulators to enact behavioral ordinances rather than force a sale, citing a lack of interest in GIF platforms. Shutterstock plans to expand its API ecosystem with Giphy's 14,000-plus API/SDK integrations and grow its marketing and advertising potential by getting consumers to use relevant GIFs and stickers in "casual conversations."

via Ars Technica|

#acquisition #business #giphy

business3 years ago•2 min saved

Shutterstock acquires Giphy from Meta for $53 million after UK antitrust order.

Shutterstock is acquiring Giphy for $53 million after Meta's acquisition was blocked by the UK's competition regulator. The deal will augment Shutterstock's content library, expanding it to include GIFs and Stickers, and help its generative AI and metadata strategy. Meta will retain access to Giphy's library across its products. Giphy's platform currently boasts 1.7 billion daily users, 15 billion daily media impressions, and 1.3 billion daily search queries.

via The Verge|

#acquisition #business #competition-regulator

business3 years ago•1 min saved

Meta sells Giphy to Shutterstock for $53M in compliance with UK regulator order.

Meta, the owner of Facebook, has sold Giphy to Shutterstock for $53m after the deal was blocked by regulators, resulting in a loss of over $260m. The acquisition comes with an agreement to ensure continued access to Meta’s platforms and Giphy’s existing user base. Giphy was acquired by Meta in November 2021 for about $315m but was blocked from completing the purchase in 2022 by the UK’s competition regulator. The decreasing interest in animated gifs as a method of self-expression on the internet was cited as a reason for the sale.

via The Guardian|

#acquisition #business #giphy

business3 years ago•4 min saved

Meta Sells Giphy to Shutterstock for $53M After UK Antitrust Order.

Meta has sold Giphy to Shutterstock for $53 million, recuperating just 13% of the $400 million it paid for the animated GIF search engine three years ago. The sale comes after the UK's antitrust authority ordered Meta to sell Giphy, citing reduced dynamic competition. The deal is expected to close next month, with Meta signing a commercial agreement to continue accessing Giphy's content. Shutterstock plans to expand its content library to include GIFs and stickers for advertisers and brands, as well as target consumers, while bolstering its generative AI and metadata strategy.

via TechCrunch|

#acquisition #antitrust #business