L.A.’s Penske Media Corp. and New York stock photo seller Shuttersock Inc. have announced plans to form a global editorial service, one that seeks to cash in on Penske’s events and photo archives.
Through the agreement announced Monday, Shutterstock will market and distribute photos and videos created by Penske Media Corp. outlets, including Variety – think red-carpet photos at Hollywood events. Shutterstock will also get access to photos and videos taken at the more than 50 conferences, galas and other events Penske produces annually, and images from the archives of Penske publications.
The deal throws Shutterstock, which sells mostly stock photos, into competition with the likes of Getty Images and other firms that distribute celebrity and event photos.
“The Shutterstock team has the most compelling vision for the future direction of editorial imagery, while recognizing the value of PMC’s unique content and access across our portfolio of brands,” said Penske Media Chairman Jay Penske in a statement.
Calling the partnership “a great business opportunity,” Shutterstock founder and chief executive Jon Oringer said, “We are thrilled to team up with another trailblazing company to accelerate our progress.”