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.

Holdings and stock-photo rival Shutterstock are merging to form a company worth about $3.7 billion to meet booming demand for licensed images and videos, as artificial intelligence disrupts the business of content creation.