(RTTNews) - Shutterstock, Inc. (SSTK) said Monday it has received notice from the UK's Competition and Markets Authority (CMA) that the proposed merger with Getty Images Holdings, Inc. has been referred to a Phase 2 review.
Getty Images had offered remedies to avoid a Phase 2 review, and Shutterstock said it is disappointed with the CMA's decision but remains committed to the merger.
The company added it will continue to engage with the CMA and work with Getty Images to secure the necessary clearances as soon as possible.
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