Getty Images and Shutterstock agree $3.7bn merger

In a joint statement, the Wall Street firms said the deal would create a content library with "greater depth and breadth for the benefit of customers [and] expanded opportunities for its contributor community".

Retaining Getty’s name, the new company will continue to trade on the New York Stock Exchange with an enterprise value of around $3.7bn.

Annual combined earnings are expected to be between $569m and $574m on revenues of between $1.98bn and $1.99bn, while annual cost savings are forecast to be $100m to $200m by year three.

As at 1245 GMT, shares in Getty had soared 51% in pre-market trading, while Shutterstock had put on 26%.

Craig Peters, chief executive of Getty Images said: "With the rapid rise in demand for compelling visual content across industries, there has never been a better time for our two businesses to come together."

Paul Hennessy, his opposite number at Shutterstock, added: "We expect the merger to produce value for customers and stockholders of both companies by capitalising on attractive growth opportunities to drive combined revenues, accelerating product innovation, realising significant cost synergies and improving cash flow."

Peters will become chief executive of the new business, while Hennessey will sit on its 11-strong board of directors.

Under the terms of the deal, Shutterstock shareholders can opt for one of three options. They will either receive $28.80 per share in cash for each Shutterstock they own, receive 13.67 shares of Getty Images, or receive 9.17 shares of Getty and $9.50 in cash.

Getty Images investors will own around 54.7% of the new business.