🔴 GETY is trading 7% down today after scrapping its Shutterstock merger

GETY is trading at $0.80 (-7.03%) after Getty Images announced it will terminate its merger agreement with Shutterstock.

• The deal was reportedly scrapped due to U.K. competition conditions, including a required sale of Shutterstock’s editorial business that Getty’s board refused to pursue.
• The move extends a weak stretch for the stock, which previously fell 8.52% on June 30.
• While the broader S&P 500 and Nasdaq are also trading lower today, the primary catalyst for the decline is the merger breakup news.