Shares of Shutterstock and Getty Images tumbled after the two stock-photo companies called off their proposed merger following demands from a UK regulator.

Shutterstock Hit Hardest

Shutterstock shares fell more than 30% on the news, reflecting how much of the stock’s valuation had been tied to expectations that the merger would close.

Getty Also Slips

Getty Images declined about 4% as well, though the impact was far less severe than for its would-be merger partner.

Regulatory Hurdles Cited

The companies pointed to demands from a UK regulatory body as the reason for scrapping the deal, though full details of the specific objections were not disclosed.

What Comes Next

With the merger officially off the table, both companies now face the task of charting an independent path forward in a stock-photo and visual-content market that continues to be reshaped by AI-generated imagery.