盖蒂图像与Shutterstock合并案遭反垄断调查
SOURCE / GOV.UK-CMA Updates · Getty Images / Shutterstock merger inquiry
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Getty Images / Shutterstock merger inquiry
完整原文
<h2 id="phase-2">Phase 2</h2> <h3 id="administrative-timetable">Administrative timetable</h3> <table> <thead> <tr> <th scope="col">Date</th> <th scope="col">Action</th> </tr> </thead> <tbody> <tr> <td>3 November 2025</td> <td>Referral date</td> </tr> <tr> <td>14 June 2026</td> <td>Statutory deadline</td> </tr> </tbody> </table> <ul> <li> <span id="attachment_af74aa3c-c485-4cd2-b489-ac702b87259f" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/69b15a2b95b746516034961a/Administrative_timetable_11_March_2026.pdf">Administrative timetable (PDF, 125KB)</a></span> (11.3.26)</li> </ul> <h3 id="contact">Contact</h3> <p><a href="mailto:gettyimages.shutterstock@cma.gov.uk">gettyimages.shutterstock@cma.gov.uk</a></p> <h3 id="notice-of-proposal-to-accept-final-undertakings">Notice of proposal to accept final undertakings</h3> <p>10 June 2026: The CMA gives notice of the proposal to accept final undertakings. We’re inviting comments on the proposed draft undertakings by 5pm on Wednesday 24 June 2026.</p> <ul> <li> <span id="attachment_c8727331-8c71-49e2-aab3-d51f6c6330b3" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/6a29347cdb0592d809052b9a/Notice_of_proposal_to_accept_final_undertakings_10_June_2026.pdf">Notice of proposal to accept final undertakings (PDF, 118KB)</a></span> (10.6.26)</li> <li> <span id="attachment_17b3d20a-bc57-4274-8574-a934bb29ca3a" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/6a293454e371d9d2c0052ba5/Final_draft_undertakings_10_June_26.pdf">Final draft undertakings (PDF, 399KB)</a></span> (10.6.26)</li> </ul> <h3 id="final-report">Final report</h3> <p>15 May 2026: The CMA has published its final report.</p> <ul> <li> <span id="attachment_3c463fcd-9a00-43d4-be3f-4f391fd1348a" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/6a06f41f22977ebc82cb4024/Final_report_summary.pdf">Final report summary (PDF, 155KB)</a></span> (15.5.26)</li> <li> <span id="attachment_c27ab667-22f7-4d71-8126-fa6a4a7b61cf" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/6a0f2a3529bb11891b1cf034/Final_report_19_May_2026_2.pdf">Final report (PDF, 2MB)</a></span> (19.5.26)</li> <li> <span id="attachment_46ebda10-09c4-4146-9888-7767454cd391" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/6a0c1a45fcae986635db9153/Appendices_19_May_2026.pdf">Appendices (PDF, 3MB)</a></span> (19.5.26)</li> <li>Press release: <a href="https://www.gov.uk/government/news/cma-conditionally-clears-getty-merger-with-shutterstock">CMA conditionally clears Getty merger with Shutterstock</a> (15.5.26)</li> </ul> <h3 id="summary-of-interim-report-on-remedies">Summary of interim report on remedies</h3> <p>16 April 2026: This document is a summary of the interim report on remedies, which sets out the CMA’s assessment of, and provisional decision on, the appropriate remedy to address the competition concerns provisionally identified in the interim report.</p> <p>The deadline for submitting responses to the summary of the interim report on remedies was 5pm on Thursday 23 April 2026.</p> <ul> <li> <span id="attachment_4bfce8b7-4685-434d-a2a7-44114c669303" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/69e0b2b7a68b527bd9408f81/Interim_report_on_remedies_summary.pdf">Summary of interim report on remedies (PDF, 163KB)</a></span> (16.4.26)</li> </ul> <h3 id="responses-to-the-invitation-to-comment-on-remedies">Responses to the invitation to comment on remedies</h3> <ul> <li> <span id="attachment_2986f3de-3ee8-4d3f-8dd3-dc39f6439741" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/69c6743a432177621536099c/BBC_response_to_remedies_invitation_to_comment_27.3.26.pdf">BBC response (PDF, 190KB)</a></span> (27.3.26)</li> <li> <span id="attachment_09f40dcc-f840-43de-9daf-ed4b09207d5d" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/69c6745a471d520038d0f77c/Contributor_I_27.3.26.pdf">Contributor I response (PDF,382KB)</a></span> (27.3.26)</li> <li> <span id="attachment_58981770-0de5-4672-8d70-8720fedc0345" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/69c67474432177621536099d/Todd_Williams_response_to_ITCR_27.3.26.pdf">Todd Williamson response (PDF, 77KB)</a></span> (27.3.26)</li> </ul> <h3 id="responses-to-the-interim-report">Responses to the interim report</h3> <ul> <li> <span id="attachment_ea810bc9-5215-4846-88b4-c6953540b210" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/69c672cbb66ff902f454432b/Parties_joint_response_to_Interim_Report.pdf">Parties joint response (PDF, 778KB)</a></span> (27.3.26)</li> <li> <span id="attachment_06615b99-e39f-4976-b1a4-8eecf59ae423" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/69c67283cdfd19de13d0f794/Contributor_responses_to_the_interim_report_27_March_2026.pdf">Contributor responses (PDF, 898KB)</a></span> (27.3.26)</li> <li> <span id="attachment_82422717-eb08-4c06-b263-4fc8e6d95d67" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/69c672a24321776215360999/Market_Participant_A.pdf">Market participant A response (PDF, 85KB)</a></span> (27.3.26)</li> <li> <span id="attachment_39f36246-16c6-4d28-ae3d-868b625a9667" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/69c672b6432177621536099a/NewsX.pdf">NewsX response (PDF, 220KB)</a></span> (27.3.26)</li> </ul> <h3 id="invitation-to-comment-on-remedies-now-closed">Invitation to comment on remedies: now closed</h3> <p>11 March 2026: The invitation to comment on remedies sets out and consults on the actions which the CMA might take for the purpose of remedying the substantial lessening of competition and/or any resulting adverse effects provisionally identified in the interim report. </p> <p>The deadline for submitting comments on possible remedies was 5pm on Wednesday 18 March 2026. </p> <ul> <li> <span id="attachment_364835cd-ea3c-4e13-9cc2-c709a264a26f" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/69b15a431daa1b70ca233176/Invitation_to_comment_on_remedies_2.pdf">Invitation to comment on remedies (PDF, 226KB)</a></span> (11.3.26) </li> </ul> <h3 id="notice-of-extension-of-statutory-period">Notice of extension of statutory period </h3> <ul> <li> <span id="attachment_f8f28517-f332-4efd-b0d4-1f8350c43019" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/69b15a5c58d4ef5adaf0e440/Notice_of_extension.pdf">Notice of extension (PDF, 117KB)</a></span> (11.3.26)</li> </ul> <h3 id="interim-report">Interim report </h3> <p>19 February 2026: The CMA has provisionally found competition concerns in respect of the supply of editorial content in the UK, but not in respect of the supply of stock content globally, as part of its in-depth investigation of the anticipated acquisition by Getty Images Holdings, Inc. of Shutterstock, Inc.</p> <p>The deadline for submitting responses to the interim report was 5pm on Thursday 12 March 2026. </p> <ul> <li> <span id="attachment_52ef36d8-708b-4e41-af75-216b5dfba2f3" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/6996ec8aa58a315dbe72bfd8/Interim_report_notice_19.2.26.pdf">Interim report notice (PDF, 141KB)</a></span> (19.2.26) </li> <li> <span id="attachment_253f8691-dbcf-4c39-ba10-cbf9ed05ef91" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/699709a49f2f510ba1d0b95b/Summary_of_interim_report_19.2.26.pdf">Summary of interim report (PDF, 135KB)</a></span> (19.2.26)</li> <li> <span id="attachment_c473465a-130a-4114-8017-833e389e800f" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/699c35f3882eb23165f12708/Interim_report_19_February_2026_23.2.26.pdf">Interim report (PDF, 1.3MB)</a></span> (23.2.26) </li> <li> <span id="attachment_0a721a8c-3a9c-43e7-bea5-22a3ca9a1321" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/699c361a31713b50fd49bffa/Interim_report_appendices_19_February_2026_23.2.26.pdf">Appendices (PDF, 2.3MB)</a></span> (23.2.26) </li> <li> <span id="attachment_825ebe86-0a04-4e75-b231-5c22db46f429" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/699c35ce882eb23165f12707/DJS_report__Stock_customer_survey_23.2.26_2.pdf">DJS report, Stock customer survey (PDF, 15.3MB)</a></span> (23.2.26)</li> </ul> <h3 id="responses-to-the-phase-1-decision">Responses to the Phase 1 Decision </h3> <ul> <li> <span id="attachment_e6074779-4aac-4bf1-8269-65db9ab30db9" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/696f60b62b64f0e8c32e335a/Parties__joint_response_20_Jan_26.pdf">Parties’ joint response (PDF, 1.8MB)</a></span> (20.1.26)</li> </ul> <h3 id="interim-undertakings">Interim undertakings</h3> <p>1 December 2025: On 26 November 2025, the CMA has accepted interim undertakings offered by Shutterstock, Inc. pursuant to section 80 of the Enterprise Act 2002.</p> <ul> <li> <span id="attachment_f7e60a3c-7a85-4d5d-9822-a07271a3bd97" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/692d5e272a37784b16ecf77b/Interim_undertakings.pdf">Interim undertakings (PDF, 194KB)</a></span> (1.12.25)</li> </ul> <h3 id="amendmentsconsents-granted">Amendments/consents granted</h3> <ul> <li> <span id="attachment_5ecf660a-156f-481a-94cb-8d790415f590" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/6a215e0fe13080622db38622/Derogation_letter_1_June_2026.pdf">Derogation 1 June 2026 (PDF,128KB)</a></span> (4.6.26)</li> <li> <span id="attachment_ad04d9b9-814d-4469-ab11-ab825be3e8bd" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/6a325650c6e94f095f3ef8ff/Derogation_11_June_2026.pdf">Derogation 11 June 2026 (PDF, 131KB)</a></span> (17.6.26)</li> </ul> <h3 id="inquiry-group-appointed">Inquiry group appointed </h3> <p>3 November 2025: The CMA has appointed the following inquiry group: </p> <ul> <li> <p><a href="https://www.gov.uk/government/publications/cma-panel-member-biographies-and-disclosures-of-interest/inquiry-chairs-biographies#margot-daly">Margot Daly (Chair)</a> </p> </li> <li> <p><a href="https://www.gov.uk/government/publications/cma-panel-member-biographies-and-disclosures-of-interest/panel-members-biographies#colleen-keck">Colleen Keck</a> </p> </li> <li> <p><a href="https://www.gov.uk/government/publications/cma-panel-member-biographies-and-disclosures-of-interest/panel-members-biographies#crispin-wright">Crispin Wright</a></p> </li> </ul> <h3 id="terms-of-reference">Terms of reference</h3> <p>3 November 2025: The CMA has referred the anticipated acquisition by Getty Images Holdings, Inc. of Shutterstock, Inc. for an in-depth investigation.</p> <ul> <li> <span id="attachment_2c53f930-4723-4e2f-85f6-569ff29070ce" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/69088042c0dc8f124841751e/Terms_of_Reference_3_November_2025.pdf">Terms of reference (PDF, 101KB)</a></span> (3.11.25)</li> </ul> <h2 id="phase-1">Phase 1</h2> <h3 id="statutory-timetable">Statutory timetable</h3> <table> <thead> <tr> <th scope="col">Date</th> <th scope="col">Action</th> </tr> </thead> <tbody> <tr> <td>17 December 2025</td> <td>Phase 1 decision published</td> </tr> <tr> <td>20 October 2025</td> <td>Phase 1 decision announced</td> </tr> <tr> <td>22 August 2025</td> <td>Launch of merger inquiry</td> </tr> <tr> <td>23 June 2025 to 7 July 2025</td> <td>Invitation to comment</td> </tr> </tbody> </table> <h3 id="reference-decision">Reference decision</h3> <p>3 November 2025: The CMA has referred the anticipated acquisition by Getty Images Holdings, Inc. of Shutterstock, Inc. for an in-depth investigation, on the basis that, on the information currently available to it, it is or may be the case that this merger may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom.</p> <ul> <li> <p><span id="attachment_cbec0f16-4b90-490a-93d4-0e92e5d5a8e6" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/69427b1afdbd8404f9e1f1cd/Decision_to_refer_17_December_2025.pdf">Decision to refer (PDF, 268KB)</a></span> (17.12.25)</p> </li> <li> <p>Press release: <a href="https://www.gov.uk/government/news/image-deal-to-move-to-in-depth-investigation">Image deal to move to in-depth investigation</a> (3.11.25)</p> </li> </ul> <h3 id="reference-unless-undertakings-accepted">Reference unless undertakings accepted</h3> <p>20 October 2025: The CMA has decided, on the evidence currently available to it, that it is or may be the case that this merger may be expected to result in a substantial lessening of competition within a market or markets in the United Kingdom. This merger will be referred for an in-depth, phase 2 investigation unless the parties offer an acceptable undertaking to address these competition concerns.</p> <ul> <li> <p><span id="attachment_eec5f98a-61a4-4aa5-a9ad-09ff3bad8f46" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/69427b5e2fd325caf841934f/Phase_1_Full_text_decision_17_December_2025.pdf">Full text decision (PDF, 974KB)</a></span> (17.12.25)</p> </li> <li> <p><span id="attachment_9ed7967e-1395-4d4b-976f-56acf34f8901" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/68f5fd0b1c9076042263f083/Summary_of_phase_1_decision.pdf">Summary of phase 1 decision (PDF, 146KB)</a></span> (20.10.25)</p> </li> </ul> <h3 id="launch-of-merger-inquiry"> Launch of merger inquiry</h3> <p>22 August 2025: The CMA announced the launch of its merger inquiry by notice to the parties.</p> <ul> <li> <span id="attachment_ed73122c-d6cc-4b11-b83f-f33d1c85d6b1" class="attachment-inline"><a href="https://assets.publishing.service.gov.uk/media/68a82f1b3a052c9c504c8d7c/Commencement_notice_1.pdf">Commencement notice (PDF, 89KB)</a></span> (22.8.25)</li> </ul> <h3 id="invitation-to-comment-closed">Invitation to comment: closed</h3> <p>23 June 2025: The Competition and Markets Authority (CMA) is considering whether it is or may be the case that this transaction, if carried into effect, will result in the creation of a relevant merger situation under the merger provisions of the Enterprise Act 2002 and, if so, whether the creation of that situation may be expected to result in a substantial lessening of competition within any market or markets in the United Kingdom for goods or services.</p> <p>The CMA is issuing this ‘invitation to comment’ to allow interested parties to submit to the CMA any views on the impact that the transaction could have on competition in the UK. The CMA has not yet launched its formal investigation into this transaction.</p> <p>To assist it with this assessment, the CMA invites comments on the transaction from any interested party.</p> <h2 id="contact-1">Contact</h2> <p>Please send written representations about any competition issues to <a href="mailto:gettyimages.shutterstock@cma.gov.uk">gettyimages.shutterstock@cma.gov.uk</a></p> <h4 id="privacy-notice">Privacy notice</h4> <p>Your name and contact details are your personal data. In collecting, receiving, storing, accessing and using your personal data, the CMA, as controller, is processing your personal data. The CMA processes personal data in accordance with data protection law. The CMA is processing your personal data so that it can contact you again, should it need further help or information from you, in order to carry out its merger work under Part 3 of the Enterprise Act 2002. For more information about how the CMA processes personal data and your rights relating to that data, please see our <a href="https://www.gov.uk/government/organisations/competition-and-markets-authority/about/personal-information-charter">Privacy notice</a>.</p>
归纳
英国竞争与市场管理局（CMA）已启动对盖蒂图像（Getty Images）与Shutterstock合并计划的初步调查，评估该交易是否可能大幅削弱市场竞争。该合并将把全球两大商业图库供应商合为一体，可能影响图片授权市场的竞争格局。CMA正在征求相关方意见，并将在初步审查后决定是否进入深入调查阶段。
点评
横向合并测试中，CMA对图片授权市场的相关市场界定及竞争损害理论适用。
法律视角点评
AI 生成 · 人工审核核心关切
横向合并测试中，CMA对图片授权市场的相关市场界定及竞争损害理论适用。
实务启示
中国企业开展跨境数字内容并购时，应及早评估多法域反垄断申报义务，并精准界定相关市场以降低审查风险。