Shutterstock, Inc. (NYSE: SSTK), a leading global provider of commercial digital imagery and music, has entered into a definitive agreement to acquire Rex Features, the largest independently owned photographic press agency in Europe.
Rex offers media companies and advertisers images and videos that capture the world around us, including a live feed of tightly edited celebrity, entertainment, sports and news images and videos, along with access to a multi-decade archive of iconic images. With Rex's editorial expertise and Shutterstock's technical prowess, the combined companies plan to bring a comprehensive offering to market across both editorial and commercial content.
"The acquisition of Rex Features marks our substantive entry into editorial imagery — a new market for Shutterstock with significant potential and many opportunities to better serve global media companies," said Jon Oringer, Shutterstock founder and CEO.
With offices in London and Los Angeles, Rex serves thousands of customers, including many of the world's leading magazines, websites, newspapers, agencies, and broadcasters.
"Given Shutterstock's volume leadership in commercial imagery and Rex's history of meeting customers' editorial needs, we are excited about what Rex and Shutterstock can accomplish together," said Larry Lawson, Managing Director of Rex Features.
The purchase price is approximately $33 million, substantially all of which will be paid in cash. The company expects to update its 2015 financial outlook for the impact of this transaction when it reports fourth quarter 2014 earnings.
