Getty Images has terminated its planned $3.7 billion merger with Shutterstock, citing objections to a key condition imposed by the United Kingdom’s antitrust regulator. The decision was conveyed to Shutterstock on Tuesday, effectively ending the agreement announced last year that aimed to unify two of the largest visual content providers.

The UK’s Competition and Markets Authority (CMA) had granted conditional approval for the merger after an investigation into its potential effects on the market. A central stipulation was that Shutterstock’s editorial business, which licenses photos, videos, and other content to media outlets, be divested to a regulator-approved buyer. The CMA expressed concerns that a combined Getty-Shutterstock entity could significantly reduce competition in the UK market, possibly leading to less choice and increased prices for British media organizations.

Getty’s board unanimously decided last week not to proceed with the merger if it required selling Shutterstock’s editorial segment. Following that internal vote, the company officially issued a written notice terminating the merger agreement.

Both Getty Images and Shutterstock offer extensive licensing services for photographs, illustrations, music, and video content that serve a diverse customer base, including major UK media groups, publishers, advertisers, designers, and smaller creative businesses. The CMA’s intervention underscores the regulator’s commitment to preserving competitive conditions within the UK’s visual content licensing industry.

With the deal now off the table, both companies will continue operating independently. The termination closes a chapter on what would have formed one of the world’s largest platforms for visual media content.