Shutterstock stock plunged 29% after Getty Images canceled their planned merger. UK regulators demanded that Shutterstock spin off its editorial business, which proved to be a deal-breaker for Getty's board.
Stock futures are slightly lower this morning after closing out a strong second quarter with another day of solid gains; new Fed chair Kevin Warsh is scheduled to speak at a banking policy conference in Portugal; Anthropic said it has reached an agreement with the Trump administration to relaunch access to its Fable 5 and Mythos 5 models after shutting them down last month; Nike shares are falling to a new 12-year low after warning that sales are still struggling; and shares of Shutterstock are plunging after a planned merger with Getty was called off. Here's what you need to know today.
Shutterstock (SSTK) shares plunged more than 30% in premarket trading on Wednesday after Getty Images abandoned its planned $3.7 billion merger with the company, ending a deal that was expected to create one of the world's largest licensed visual content providers. Getty Images shares were also lower, falling more than 5% in premarket trading following the announcement.
Getty Images plans to terminate its merger agreement with Shutterstock after a U.K. regulator said the latter company must sell its editorial business in order for the merger to be approved.