Shutterstock (SSTK) received notice from the UK’s Competition and Markets Authority that the CMA has referred the proposed merger of Shutterstock and Getty Images (GETY) to a Phase 2 review process. Getty Images offered remedies to avoid a Phase 2 review and Shutterstock said it is disappointed at the CMA’s decision but remains committed to the proposed merger and will continue to engage with the CMA and work with Getty Images to expeditiously secure the necessary clearances.
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