Getty Images and Shutterstock announced that the companies will merge and create a $3.7 billion 'premier visual content company.'

Getty Images is the bigger company of the two, and its shareholders will own approximately 54.7% of the new entity, while Shutterstock shareholders will own 45.3%. Getty Images also owns the iStock and Unsplash brands. The company will simply be called Getty Images.

Getty Images Holdings and Shutterstock agreed to combine in a deal that creates a $3.7 billion visual content company. Why it matters: The deal underscores the soaring demand for images and related content from content creators and platforms.

Getty Images and Shutterstock will merge into one company valued at $3.7 billion in a deal that aims to take on competition from AI, the companies announced on Tuesday. The new premier visual content company will be called Getty Images Holdings, Inc. and at close, Getty Images’s CEO, Craig Peters, will serve as CEO of the combined company.

The companies claim the merged company will 'be well-positioned to meet the evolving needs of creative, media, and advertising industries.' Will the new Trump admin let it fly?

Shares in Getty Images and Shutterstock surged after the image companies agreed to merge, creating a group worth about $3.7 billion including debt. Getty stock stood about 25% higher Tuesday morning.