Shutterstock, Inc.

Shutterstock, Inc. announced significant leadership changes, appointing founder Jonathan Oringer as Chief Executive Officer and Chairman of the Board, effective October 28, 2026. Oringer's annual salary has been increased to $1,000,000. Hichame Assi has been appointed President and Chief Operating Officer, with a fixed remuneration of AUD 775,000 and eligibility for RSUs totaling $1.5 million. Rik Powell will transition from Interim CEO to continue as CFO. The company also announced the cancellation of its third quarter 2026 earnings conference call.

Shutterstock announced the termination of its merger agreement with Getty Images, which was initially planned as a merger-of-equals. This termination, effective July 7, 2026, led to a significant goodwill impairment charge of $173.7 million in the second quarter of 2026. Consequently, the company reported a net loss of $155.9 million for the three months ended June 30, 2026, compared to a net income of $29.4 million in the prior year period. Revenue also declined to $221.8 million from $266.9 million year-over-year.

Shutterstock, Inc. reported a substantial net loss of $155.9 million, or $4.25 per diluted share, for the second quarter of 2026, a sharp decline from net income in the prior year. This loss was primarily driven by a $163.4 million non-cash goodwill impairment charge and a 17% decrease in revenues to $221.8 million. The company is implementing significant cost reductions, having achieved $70 million in annualized savings and targeting an additional $60 million by year-end, while also announcing the cancellation of its Q2 earnings conference call and full-year guidance due to a pending strategic update.

Shutterstock's Board of Directors resolved to suspend future quarterly cash dividends, effective July 20, 2026. This decision aims to reallocate capital towards debt reduction, minimizing interest expenses, and enhancing financial flexibility to support long-term shareholder value. Additionally, Steven Ciardiello resigned as Chief Accounting Officer, effective August 28, 2026, a move not attributed to any disagreements with the company.

Shutterstock, Inc. announced that Paul J. Hennessy has stepped down as Chief Executive Officer and a member of the Board of Directors, effective July 12, 2026. Rik Powell, the Company's Chief Financial Officer, has been appointed Interim Chief Executive Officer and will continue to serve as CFO. Mr. Hennessy will remain in an advisory capacity until August 7, 2026, to ensure a smooth transition. The Board approved additional compensation for Mr. Powell, including $75,000 per month and a $450,000 RSU grant, and will begin a search for a permanent CEO. The company also plans to engage a strategic advisor.

Shutterstock, Inc. announced that the Agreement and Plan of Merger with Getty Images Holdings, Inc. is set to be terminated on July 6, 2026. This decision follows Getty Images' resolution not to proceed with the sale of Shutterstock's editorial business, a condition set by the U.K. Competition and Markets Authority for merger clearance. Shutterstock's CEO, Paul Hennessy, expressed confidence in the company's standalone future, citing its strong financial position and ability to invest in product offerings and customers. The company plans to provide further updates on its strategic plans during its second-quarter earnings release.

Shutterstock, Inc. announced that the UK Competition and Markets Authority (CMA) issued its final report concerning the Phase 2 review of the company's previously announced merger with Getty Images Holdings, Inc. This filing provides an update on the regulatory process for the merger. Previously, Getty Images filed a preliminary registration statement on Form S-4 on March 31, 2025, which was subsequently amended and declared effective on April 30, 2025, with a final prospectus filed on the same date.

Shutterstock, Inc. has reached an agreement in principle with the Federal Trade Commission (FTC) to settle an investigation into its disclosure and subscription enrollment and cancellation practices. The company will pay $35 million to the FTC and implement certain changes to its practices. This settlement resolves a civil complaint filed by the FTC alleging violations of Section 5 of the FTC Act and the Restore Online Shoppers’ Confidence Act (ROSCA).

Shutterstock, Inc. (SSTK) reported a net loss of $47.57 million for Q1 2026, a significant decline from a net income of $18.69 million in Q1 2025, with revenue decreasing to $199.17 million. The company's proposed merger with Getty Images faces regulatory hurdles in the UK, as the CMA provisionally concluded it may lead to a substantial lessening of competition in the UK editorial market. The CMA suggested a sale of Shutterstock's Rex Features, Backgrid, and Splash News businesses as a potential remedy, with a final report due by June 14, 2026.

Shutterstock, Inc. reported Q1 2026 revenues of $199.2 million, an 18% decrease year-over-year, resulting in a net loss of $47.6 million compared to a net income of $18.7 million in Q1 2025. The company attributed the decline to a slower Content business and timing of data licensing revenue, alongside significant legal and workforce optimization expenses. Concurrently, the pending merger with Getty Images faces regulatory hurdles as the UK CMA provisionally found a substantial lessening of competition in the UK editorial market, suggesting divestment of certain Shutterstock businesses as a remedy.