Getty Images has abandoned its planned $3.7 billion merger with Shutterstock, walking away rather than accept a condition imposed by Britain’s competition regulator that would have forced the sale of part of the enlarged business.

The two image-licensing heavyweights first agreed to combine in January 2025, betting that scale would help them weather the disruption sweeping through the stock imagery market as generative artificial intelligence tools began producing pictures on demand. Eighteen months on, that logic has run into the buffers of British merger control.

In May, the Competition and Markets Authority cleared the tie-up, but only on the condition that the merged group offload Shutterstock’s editorial business. The watchdog’s independent inquiry group had concluded that keeping the two editorial operations under one roof would thin out the choices available to UK media outlets and could, in time, push up prices, with Shutterstock ranking among the “few meaningful” rivals to Getty in the space. The regulator set out its reasoning and the divestiture remedy in full when it published its findings.

Editorial content, the corner of the market at the heart of the CMA’s concerns, covers photographs and video of newsworthy events, public figures and landmarks. British customers, the regulator noted, typically need both global and domestic imagery spanning sport, breaking news and celebrity coverage, a dependency that trade press had flagged as a competition pressure point well before the final ruling.

Getty and Shutterstock had themselves floated a sale of Shutterstock’s global editorial arm at the close of the CMA’s phase 1 review, describing it at the time as “peripheral to Shutterstock’s core operations”. That offer, however, was not enough to see the deal through without a formal, supervised divestment, and it is precisely that supervised sale the Getty board has now declined to pursue.

In a regulatory filing, the Getty board said it had unanimously resolved not to proceed with the disposal of Shutterstock’s editorial business under CMA supervision, and to terminate the merger agreement outright. The deal will formally lapse after the extended deadline of 6 July. Shutterstock did not respond to a request for comment.

Investors delivered a swift and uneven verdict. Getty shares slipped 4 per cent in pre-market trading, while New York-listed Shutterstock tumbled 26 per cent, a gap that underlines how much more the smaller company had riding on the combination.

The collapse lands at a curious moment for Getty, which has spent recent months recasting its relationship with the AI industry it once regarded purely as a threat. Only days before pulling the plug on Shutterstock, the company signed a multi-year licensing agreement with OpenAI that will see images from its library surface within ChatGPT’s search display, folding richer visual results into the chatbot. The arrangement stops short of allowing OpenAI to train its own image generator, Dall-E, on the archive, and no financial terms were disclosed.

That commercial thaw sits alongside a bruising legal setback. Getty recently lost a closely watched copyright infringement claim against a rival AI developer, a case the industry had cast as an existential test for generative technology. Taken together, the licensing deal and the courtroom defeat capture the bind facing content owners: monetise the technology through partnership, or fight it through litigation, with mixed results on both fronts.

The prize now foregone was considerable. Getty had argued the Shutterstock merger could unlock cost savings of between $150 million and $200 million within three years of completion, and create a business with combined revenue of roughly $2 billion, the bulk of it recurring subscription income. For a sector still working out how to price and protect its assets in the age of AI-generated imagery, the failure to consolidate leaves both companies to face that reckoning alone.

Small firms are bracing for a squeezed Christmas after Royal Mail moved to cap the volume of mail it will collect from business premises during the festive rush, a limit that traders warn could choke off growth at the most lucrative moment of their year.

Under a change to its terms, the carrier told business customers that daily collection capacity across November and December “will be limited to a maximum of 3 times the usual collection capacity used”. In plain terms, “collection capacity” is the physical volume of post, counted in sacks, cages or parcels, that Royal Mail contractually agrees to pick up from a company’s premises during its scheduled daily slot.

The cap sits on top of any volume limits already written into a firm’s contract, and it lands hardest on seasonal businesses, the ones that survive by scaling up sharply for the Christmas holidays rather than shipping at a steady clip all year round.

For many owners, the timing could hardly be worse. As readers will know from our recent coverage of whether your small business is ready for Christmas, the golden quarter is when a year’s fortunes are often decided.

“Christmas is make or break for many small firms,” said Tina McKenzie, policy chair of the Federation of Small Businesses. “It’s the biggest trading period of the year, with orders piling up as shoppers buy gifts and businesses work flat out to keep up with demand.

“At a time like this, the last thing firms need is to be told there’s a cap on collections. Many rely on Royal Mail picking up parcels from their premises because stepping away to queue at a post office simply isn’t practical when every minute counts.”

McKenzie added that the uncertainty over the limit “piles unnecessary pressure on small businesses at the worst possible moment. They need confidence that the postal service will support them through their busiest season.”

Royal Mail defended the move as routine forward planning. “The Christmas period is our busiest time of year, where volumes double,” a spokesman said. “As part of our routine peak planning, we agree appropriate daily collection volumes with our business customers. This helps us plan effectively and provide a reliable service. Very few customers require more than three times our usual collection capacity and in such cases we’ll discuss with them individually.”

The collection limit arrives just as the bill for distribution is rising. In May, Royal Mail lifted its fuel and energy surcharge from 11 per cent to 16 per cent for domestic services, and from 8 per cent to 13 per cent for its Parcelforce Worldwide operation. The carrier blamed “rising cost pressures outside of our control, including the ongoing situation in the Middle East and the resulting impact on global oil and fuel prices.”

It forms part of a broader tightening for firms that lean on the network. Royal Mail is separately lobbying to scrap a cap that limits how much it can raise second-class stamp prices each year, a regulatory safeguard in place since privatisation more than a decade ago that ties second-class rises to the consumer prices index. No such protection covers first-class post, and the gap has widened accordingly: the protected second-class stamp has climbed from 50p at privatisation to 91p today, while a first-class stamp has surged from 60p to £1.80 over the same stretch. It is not the first time the carrier’s charging has drawn scrutiny from smaller customers, as our reporting on anti-fraud technology found to be mischarging thousands of small firms has shown.

The changes fall under a wider operational overhaul led by Daniel Kretinsky, whose takeover of parent company International Distribution Services completed in 2022. Kretinsky, who also holds a sizeable stake in Sainsbury’s, is trying to steady a business that keeps missing its key performance targets. Last year, Ofcom fined Royal Mail £21 million after its delivery performance fell “well short” of first and second-class targets, with the regulator concluding that “people aren’t getting what they pay for when they buy a stamp”. It was the third such penalty in recent years, following a £5.6 million fine in 2023 and a £10.5 million fine in 2024.

In response, Royal Mail has pledged to invest £500 million over the next five years to lift on-time delivery rates, a turnaround plan we examined in detail when the carrier set out its £500m investment and part-time workforce overhaul. The programme includes cuts to second-class deliveries on Saturdays, which began in May, and a move to shift roughly 6,000 part-time postal workers into full-time roles to shore up the network.

For Gordon Leatherdale, the cap is not an abstraction but a threat to a year’s careful planning. The 51-year-old is the founder of Natural & Noble, a Wiltshire-based business selling DIY drinks kits that launched in 2018. The company depends on the national postal service for all its direct-to-consumer sales, which account for 30 per cent of annual revenue of about £750,000.

Leatherdale appeared on the BBC’s Dragons’ Den in March to pitch the business and has enjoyed a sizeable sales boost since. “Therefore we decided to invest a lot in direct-to-consumer marketing this year,” he said. “We’re very Christmas-focused,” he added, framing the change as Royal Mail “putting a cap on our ability to grow and to fulfil orders”.

The brand’s kits let people create their own spirits at home, from gin, rum, vodka and whisky infusion sets to cocktail kits, and they are pitched squarely at gift-buyers, which makes the timing of the restriction especially awkward.

“For us at this time of the year, we might only send out 20 or 30 orders a day,” he said. “But at Christmas time, particularly mid-November to mid-December, we’re sending out 15 to 20 times that amount, as opposed to the [new] Royal Mail cap of three times.”

Two neighbouring businesses at Broad Lane Farm, a business park near Devizes, were equally “baffled” by the change, Leatherdale said. “We rely on Royal Mail to pretty much take everything we can sell. It is that infrastructure partner that you can historically rely on, unless they’re striking, to send your orders.”

He knows the cost of disruption first-hand. During the 2022 postal strikes, by his own calculations, Natural & Noble lost about £45,000 worth of orders, a wound the business “endured” and does not want to reopen.

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NEW YORK — Shares of monday.com Ltd. advanced more than 7 percent Tuesday morning, trading around $77.59 as investors responded to the company’s strong positioning in the collaborative work management space and growing integration of artificial intelligence capabilities.

The Tel Aviv-based software provider, known for its flexible platform used by teams to manage projects, workflows and operations, has seen increased interest from enterprises seeking digital transformation tools. monday.com’s no-code interface allows customization without extensive programming expertise, appealing to departments across organizations.

Tuesday’s gain reflected broader positive sentiment in software stocks demonstrating resilience and growth potential. monday.com has reported consistent revenue expansion, driven by customer additions and higher spending from existing users.

The platform supports various use cases, from marketing campaigns to software development and human resources processes. Its visual boards, automation features and reporting tools streamline operations, helping companies improve efficiency and visibility.

Artificial intelligence additions have enhanced the product’s appeal. Features that suggest workflows, summarize updates and predict bottlenecks provide value for busy teams. These capabilities position monday.com within the expanding market for AI-assisted productivity software.

Enterprise adoption remains a key growth driver. Large organizations appreciate the platform’s scalability, security features and integration with other business tools. monday.com has expanded its customer base across industries including technology, finance, healthcare and manufacturing.

Financial performance has shown improvement with revenue growth and focus on operational efficiency. The company has emphasized disciplined spending while investing in product development and sales capabilities.

Analysts highlight monday.com’s net retention rates as evidence of customer satisfaction. Existing users often expand usage over time, contributing to predictable revenue streams characteristic of successful software-as-a-service models.

Tuesday’s trading occurred amid selective buying in technology. While some segments faced pressure, productivity and collaboration tools attracted capital from investors seeking defensive growth.

monday.com’s leadership has prioritized user experience and rapid iteration. Regular updates and community feedback loops help maintain relevance in a competitive landscape.

The platform’s flexibility distinguishes it from rigid enterprise software. Teams can adapt templates to specific needs without vendor lock-in, fostering loyalty and reducing churn.

International markets offer expansion potential. monday.com has localized features and compliance support for global operations, targeting opportunities in Europe, Asia and Latin America.

Competitive dynamics include established project management providers and emerging no-code platforms. monday.com’s visual approach and extensive template library provide differentiation.

Tuesday’s share price movement around $77.59 marked a notable intraday advance. Volume was healthy as market participants reacted to sector trends and company-specific developments.

Longer-term, monday.com aims to broaden its footprint through education, small business outreach and deeper enterprise penetration. Potential acquisitions or partnerships could accelerate growth.

The work management software market benefits from digitalization trends. As hybrid work persists, tools facilitating remote collaboration gain strategic importance.

Investor interest focuses on path to sustained profitability and cash flow generation. monday.com’s subscription model supports visibility, though competition requires ongoing innovation.

Broader economic factors, including corporate budgets and interest rates, influence software spending. monday.com’s value proposition around efficiency helps mitigate cyclical pressures.

The company’s culture emphasizes agility and customer centricity. This approach supports talent retention and product excellence in the technology sector.

As monday.com matures, attention turns to margin expansion and return on investment metrics. Balanced growth and profitability remain priorities for management.

Tuesday’s session contributed to positive momentum in select software names. monday.com’s performance highlighted demand for practical productivity solutions.

Market watchers will monitor upcoming results for updates on customer metrics and guidance. Execution on sales targets and product roadmap will shape investor confidence.

monday.com’s journey from startup to public company demonstrates successful scaling of a collaborative platform. Continued focus on user needs positions it for further market share gains.

The platform’s impact extends beyond individual teams to organization-wide transformation. Customers report improved transparency, accountability and speed in project delivery.

Artificial intelligence integration represents a significant opportunity. By embedding intelligent assistance, monday.com enhances usability without requiring specialized skills.

Global teams benefit from multilingual support and time zone accommodations. These features facilitate cross-border collaboration in multinational organizations.

Tuesday’s trading reflected investor optimism around execution. The percentage gain outpaced many peers, suggesting confidence in fundamentals.

Analysts maintain constructive outlooks citing market opportunity and competitive strengths. Price targets incorporate expectations for revenue scaling and margin improvement.

As monday.com advances its platform, focus remains on delivering measurable business outcomes for customers. Success in this area drives retention and expansion.

The software industry continues evolving with emphasis on integration, automation and intelligence. monday.com’s adaptability supports its role in this landscape.

Tuesday’s advance underscores market recognition of monday.com’s progress. The company’s trajectory reflects broader shifts toward digital collaboration and productivity enhancement.

Markets regulator Sebi has barred 221 entities, including individual investor Hanif Shekh, from the securities market for up to seven years and levied a fine of Rs 10 crore for orchestrating a large-scale pump-and-dump operation in five stocks between 2017 and 2020.

Mauria Udyog Ltd, 7NR Retail, Darjeeling Ropeway Company, GBL Industries, and Vishal Fabrics Ltd were the scrips manipulated by Shekh — the alleged mastermind in the case — and his conduit entities, the Securities and Exchange Board of India (Sebi) said in the order passed on Tuesday.

In its 394-page final order, Sebi found that Shekh hatched a fraudulent scheme which entailed participation by over 200 seemingly disparate but intricately connected entities as ‘PV Influencers,’ ‘Collaborators’ or ‘Offloaders’ for transferring the unlawful gains to the promoters of the companies or entities controlled by him.

According to Sebi, the entities artificially inflated prices and trading volumes through synchronised trades, circulated bulk SMS recommendations to lure unaware investors and later offloaded at elevated prices.

These proceeds were routed through multiple conduit entities to conceal the ultimate beneficiaries, the regulator said.

“The fraudulent scheme unravelled in this matter, though not novel or unprecedented in its conception, was executed meticulously and on an almost industrial scale, involving 226 entities coming together to play their designated roles across five different scripts,” Sebi’s Whole Time Member Amarjeet Singh said in the order.
Singh added that the labyrinthine structure of fund transfers unearthed in the investigation, evidently designed to obscure the identity of the ultimate beneficiaries.”These characteristics lend the scheme a distinctly aggravated dimension, taking it beyond the realm of routine market misconduct and into the territory that shakes investor confidence in the integrity of the securities market,” he said.

Sebi noted that the entities made unlawful gains totalled around Rs 143.79 crore through the scheme.

Accordingly, the markets watchdog restrained Hanif Shekh from accessing the securities market for seven years and imposed a penalty of Rs 10 crore. Five entities associated with Shekh have been debarred for six years and fined Rs 2 crore each.

The regulator also prohibited other noticees for a period of up to five years and levied a fine ranging from Rs 5 lakh to Rs 1 crore.

Besides, Sebi ordered disgorgement of unlawful gains worth Rs 143.79 crore along with 12 per cent interest per annum calculated from October 21, 2020 till the date of payment of such disgorgement was made by the noticees (entities).

Sebi, through an interim order-cum show cause notice passed in June 2023, had prohibited Hanif Shekh and 225 other entities.

They were also directed by the markets watchdog to impound alleged unlawful gains worth Rs 143.79 crore for involvement in a scheme of price and volume manipulation of scrips of five companies.

The US has declined to renew the landmark US-Mexico-Canada Agreement (USMCA) in its current form, according to a senior US official.

This decision means the trilateral trade pact will miss out on an automatic 16-year extension.

The official said the administration “chose not to rubber stamp a USMCA renewal without addressing existing issues,” and “the United States did not agree to renew the USMCA in its current form”.

If the countries fail to unanimously agree to renew the agreement, “it essentially sets a ten year shot lock to termination,” per the official.

Under the pact guidelines, each country must decide whether to renew the agreement for another 16-year term.

While the free trade deal remains in place for now, the lack of a long-term commitment creates fresh economic uncertainty across North America.

The agreement, which underpins around $2tn (£1.5tn ) in trade each year, is facing pressure over unresolved disputes. US trade officials are pushing for major changes before committing to a long-term extension.

Washington has consistently raised concerns over automotive rules of origin, dairy market access, and stopping third-party countries like China from exploiting the regional agreement.

Under the USMCA’s original terms, unanimous agreement on an extension would have seen the trade deal kept in place until 2042.

The US opting out will force the nations to meet every year to negotiate changes. Business groups across the continent had called for the pact to be extended. The decision also kicks off a ten-year countdown towards the deal expiring as early as 2036.

The US Chamber of Commerce had warned that sectors such as manufacturing and agriculture rely heavily on cross-border certainty.

However, US domestic trade groups such as the American Iron and Steel Institute and the Steel Manufacturers Association have welcomed the shift, arguing annual reviews give American negotiators leverage to fix parts of the deal.

The friction comes six years after the USMCA entered into force, replacing the 1994 North American Free Trade Agreement (NAFTA).

It updated rules around digital trade, workers’ rights, and regional manufacturing, specifically requiring more vehicle parts to be made within North America.

Months before New York City approved a historic two-year rent freeze, Google co-founder Sergey Brin quietly exited a struggling real estate fund at a steep loss.

In December, Brin sold his stake back to A&E Real Estate, the fund’s manager, for six cents on the dollar, according to documents obtained by Bloomberg.

The fund holds 5,900 rent-stabilized apartments, with Brin’s stake being valued at roughly $79 million, a drop in the bucket when viewed next to his $280 billion net worth.

“A&E bought out one of our long-term investors, who was willing to accept six cents on the dollar on their original equity investment to divest itself from the New York City multifamily sector,” a company representative told Bloomberg in a statement.

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“The simple and deeply troubling fact for renters is that institutional capital – both equity investors and lenders – are fleeing New York City’s rent-stabilized apartment sector,” the A&E representative continued, according to Bloomberg. “They understand New York is in a doom loop.”

It is not clear how much Brin, 52, initially invested, what percentage of the fund he owned or how much A&E paid to recapture the billionaire’s stake.

Brin’s exodus from the New York City rental market came a month after Zohran Mamdani was elected mayor on a platform of freezing the rent for 1 million rent-stabilized units for the duration of his term.

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Mamdani followed through on that promise last week, when the Rent Guidelines Board voted to cap rent increases at 0% for stabilized leases signed or renewed between Oct. 1, 2026, and Sept. 30, 2027. Mamdani appointed six of the nine current members to the board.

A&E Real Estate, one of the largest multifamily landlords in New York City, was struggling financially long before the latest rent freeze.

State legislation passed in 2019 imposed new restrictions that made it harder to raise rents. The pandemic hit in 2020, bringing with it a strict eviction ban that prevented landlords from removing tenants for non-payment.

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A&E told Bloomberg that these factors contributed to operating costs jumping 78% in the last decade, which surpasses rent growth over the same period. A&E said it is owed $84 million in unpaid rent.

City leadership has also had their eye on A&E. In January, the firm settled with the city for $2.1 million to address tenant harassment and hazardous conditions in 14 buildings across Brooklyn, Manhattan and Queens.

A&E said that it has invested more than $800 million to make capital improvements in its buildings, according to Bloomberg.

FOX Business reached out to A&E for further comment.