Acquisition Expands the Reach of Exclusive,
High Quality Candid Entertainment News and Archival Content
from the World's Top Photographers
NEW
YORK, Feb. 1, 2024 /CNW/ -- Shutterstock,
Inc. (NYSE: SSTK), a leading global creative platform connecting
brands and businesses to high-quality content, today announced the
acquisition of Backgrid, a global premier destination for celebrity
news, known for supplying top media organizations with real-time
content from the world's top photographers for more than three
decades. Through this acquisition, Shutterstock will expand its
archive with an additional 30 million+ images and videos across
celebrity, red carpet and live events, and add more than 1,400
contributors to its already industry-leading global photographer
network.
This acquisition further elevates
Shutterstock as the premier provider of best-in-class
entertainment/editorial content.
"As one of the world's largest entertainment news agencies for
newsrooms and media companies, our acquisition of Backgrid
further elevates Shutterstock's position as the premier provider of
best-in-class entertainment and editorial content," said
Aimee Egan, Chief Enterprise Officer
at Shutterstock. "We are now able to give Backgrid and Shutterstock
customers access to the combined power of our vast content
libraries of editorial and archival content, adding significant
value to our already extensive offering and unique concierge
service."
The acquisition will bolster Shutterstock's coast-to-coast
editorial coverage in the United
States, while further extending the company's reach
globally—supporting Shutterstock's greater strategic vision to grow
its domestic and international editorial business as the leading
provider of high-quality celebrity news content with the largest
network of the world's top photographers.
"We are thrilled to embark on this new journey in the evolution
of Shutterstock and Backgrid as it sets us up to expand our
business in ways that were previously limited," said Backgrid CEO
Alex Kantif, in alignment with his
fellow co-founders Dan Taylor,
Steven Ginsburg and Scott Cosman. "This acquisition opens up
exciting opportunities for growth and innovation for our global
network of photographers, customers and our employees, and we look
forward to pursuing them together."
This announcement follows a number of business-shaping moves
over the past few years, including the acquisition of Splash News,
a 24/7 news and picture desk enabling editorial customers to
release breaking news stories in real time and the launch of a new
Shutterstock editorial subscription platform, as well as the
expansion of exclusive partnerships with A&E, LIFE and Condé
Nast, a new partnership agreement with The Grand Ole Opry via Opry
Entertainment Group, and the launch of Shutterstock's Rights &
Clearance service.
Forward-Looking Statements
This press
release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. All
statements other than statements of historical fact are
forward-looking. Examples of forward-looking statements include,
but are not limited to, statements regarding guidance, industry
prospects, future business, future results of operations or
financial condition, new or planned features, products or services,
management strategies and our competitive position. You can
identify forward-looking statements by words such as "may," "will,"
"would," "should," "could," "expect," "aim," "anticipate,"
"believe," "estimate," "intend," "plan," "predict," "project,"
"seek," "potential," "opportunities" and other similar expressions
and the negatives of such expressions. However, not all
forward-looking statements contain these words. Forward-looking
statements are subject to known and unknown risks, uncertainties
and other factors that could cause our actual results to differ
materially from those expressed or implied by the forward-looking
statements contained herein. Such risks and uncertainties include,
among others, those discussed under the caption "Risk Factors"
in our most recent Annual Report on Form 10-K, as well as in other
documents that the Company may file from time to time with the
Securities and Exchange Commission. Factors related to the
transactions discussed in this document that could cause actual
results to differ materially from those contemplated by the
forward-looking statements include: uncertainties as to the timing
to consummate the potential transaction; the risk that a condition
to closing the potential transaction may not be satisfied;
potential litigation relating to the potential transaction that
could be instituted; the effects of disruption to our or the
target's respective businesses; the impact of transaction costs;
our ability to achieve the benefits from the proposed transaction,
including monetization; our ability to effectively integrate the
acquired operations into our operations; our ability to retain and
hire key target personnel; and the effects of any unknown
liabilities. As a result of such risks, uncertainties and factors,
Shutterstock's actual results may differ materially from any future
results, performance or achievements discussed in or implied by the
forward-looking statements contained herein. The forward-looking
statements contained in this press release are made only as of this
date and Shutterstock assumes no obligation to update the
information included in this press release or revise any
forward-looking statements, whether as a result of new information,
future developments or otherwise, except as required by law.
About Shutterstock
Shutterstock, Inc.
(NYSE: SSTK) is a premier partner for transformative brands,
digital media and marketing companies, empowering the world to
create with confidence. Fueled by millions of creators around the
world, a growing data engine and a fearless approach to product
innovation, Shutterstock is the leading global platform for
licensing from the most extensive and diverse collection of
high-quality 3D models, videos, music, photographs, vectors and
illustrations. From the world's largest content marketplace, to
breaking news and A-list entertainment editorial access, to
all-in-one content editing platform and studio production
service—all using the latest in innovative technology—Shutterstock
offers the most comprehensive selection of resources to bring
storytelling to life.
Learn more at www.shutterstock.com and follow us on LinkedIn,
Instagram, Twitter, Facebook and Youtube.
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SOURCE Shutterstock, Inc.
