Shutterstock Inc SSTK:NYSE

Last Price$57.79NYSE Closing Price as of 4:10PM ET 6/29/22
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Today's Change+1.53(2.72%)
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Shutterstock Acquires Pond5 for $210 Million; Names Paul Hennessy as CEO

9:33AM ET 5/11/2022 MT Newswires
Shutterstock (SSTK) said Wednesday it acquired Pond5, a video marketplace, for $210 million in cash to expand its editorial offering.

The transaction is expected to be accretive to the company's adjusted earnings before interest, taxes, depreciation and amortization in 2022.

Separately, Shutterstock said it named Paul Hennessy as chief executive officer, effective July 1, succeeding Jon Oringer, who is serving in the role on an interim basis and will remain as executive chairman.

Hennessy has more than two decades of global leadership and digital marketplace experience, previously serving as CEO of Vroom (VRM), an online used car retailer.