ShutterStocks and Getty images are set to collaborate and create a value of 3.7$ billion where they will provide services for video music and a few more asset types.

The companies said Tuesday that they have complementary portfolios, and the transaction creates a broader set of visual content products across still imagery, video, music, 3D and other asset types.

"When it comes to creating compelling visual content across all business sectors, there has never been a more appropriate time for our two companies to merge,' said Getty Images CEO Craig Peters during a speech on Tuesday.

The merger will result in Peters becoming the CEO for the new joint company.

At the closing of the deal, shareholders of Shutterstock have the option to either receive about 28.85$ in cash per share or 13.67 shares of Getty images alongside receiving 9.50$ in cash for each share.

The merged company is still going to operate under the name Getty Images and will continue to stock trade under GETY on the New York stock exchange.