Shutterstock, Inc. (NYSE: SSTK), a leading global provider of commercial digital imagery and music, has entered into a definitive agreement to acquire Rex Features, an independently owned photographic press agency in Europe.
Rex offers media companies and advertisers images and videos, including a live feed of tightly edited celebrity, entertainment, sports and news images and videos, along with access to a multi-decade archive of images.
The two 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 its customers, including 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.