Visual content companies Shutterstock and Getty Images will join to become a $3.7 billion visual content company

Getty Images said on Tuesday it would merge with rival Shutterstock to create a $3.7 billion stock image powerhouse geared for the artificial intelligence era, in a deal that would likely draw antitrust scrutiny.

The deal is expected to generate annual cost synergies of $150 million to $200 million by year three and to boost earnings and cash flow by year two.