Shutterstock To Buy PremiumBeat & Rex Features - Quick Facts

(RTTNews) - Shutterstock, Inc. (SSTK), a global provider of commercial digital imagery and music, has agreed to acquire PremiumBeat, a provider of exclusive, high-quality music and sound effects for use in videos, films, television, apps, games, and other creative projects. The consideration price includes initial consideration of about $32 million cash.

Additional consideration is payable upon the achievement of certain operating and financial goals through 2018. The company plans to update its 2015 outlook for the impact of this transaction when it reports fourth quarter 2014 earnings.

Recently, Shutterstock surpassed the milestone of over one million video clips licensed.

In a separate press release, Shutterstock has inked a definitive deal to acquire Rex Features, the largest independently owned photographic press agency in Europe. The purchase price is around $33 million, substantially all of which will be paid in cash. The company expects to revise its 2015 financial outlook for the impact of this transaction when it reports fourth quarter 2014 earnings.

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.