Shutterstock/Getty deal spread narrows amid report about US antitrust review

[Shutterstock Rings The New York Stock Exchange Opening Bell]
D Dipasupil/Getty Images Entertainment

The deal spread in Getty Images's (NYSE:GETY [https://seekingalpha.com/symbol/GETY]) planned purchase of Shutterstock (NYSE:SSTK [https://seekingalpha.com/symbol/SSTK]) narrowed amid a report about the Dept. of Justice's antitrust review of the combination. The spread narrowed to $4.47 from $6.90 on Monday.

Competitors and customers of Getty Images (NYSE:GETY [https://seekingalpha.com/symbol/GETY]) and Shutterstock (NYSE:SSTK [https://seekingalpha.com/symbol/SSTK]) are no longer getting questions from the DOJ about the proposed deal, according to an MLex report [https://www.mlex.com/mlex/dealrisk/articles/2399371/getty-shutterstock-competitors-customers-no-longer-being-queried-on-deal]on Tuesday.

The U.K.'s antitrust regulator [https://seekingalpha.com/news/4488349-uk-regulator-begins-probe-into-shutterstock-getty-images-deal] has also been reviewing the deal and has until Oct. 20 to make a decision on the transaction.

Getty Images (NYSE:GETY [https://seekingalpha.com/symbol/GETY]) agreed to purchase Shutterstock ( [https://seekingalpha.com/news/4392939-getty-images-shares-climb-on-confirmed-shutterstock-merger]SSTK) in a cash and stock deal in January, creating a new company valued at about $3.7 billion, including debt.

Shares of Shutterstock rose 8%, while Getty Images fell 2.8%.

MORE ON SHUTTERSTOCK, GETTY IMAGES HOLDINGS

* Shutterstock: Immense Upside Potential Exists Even If The Merger With Getty Images Fails [https://seekingalpha.com/article/4829780-shutterstock-immense-upside-potential-exists-even-if-the-merger-with-getty-images-fails]
* Getty Images: Successful Merger Will Bring About Substantial Cost Savings And Valuation Upside [https://seekingalpha.com/article/4827145-getty-images-successful-merger-will-bring-about-substantial-cost-savings-valuation-upside]
* Shutterstock: Generative AI Disruptors Have Caused Deep Merger Arbitrage [https://seekingalpha.com/article/4819511-shutterstock-generative-ai-disruptors-have-caused-deep-merger-arbitrage]
* Getty Images prices $628.4 million of 10.500% senior secured notes due 2030 [https://seekingalpha.com/news/4502170-getty-images-prices-6284-million-of-10500-senior-secured-notes-due-2030]
* Getty Images announces proposed offering of $628.4M senior secured notes due 2030 [https://seekingalpha.com/news/4499803-getty-images-announces-proposed-offering-of-6284m-senior-secured-notes-due-2030]