January 15, 2015
Willkie represents tech giant in simultaneous deals involving UK, Canadian companies
Willkie teams represented Shutterstock, Inc., one of New York’s biggest and fastest growing tech companies, on two deals announced the same day.
Shutterstock, Inc., a leading global provider of commercial digital imagery and music, announced on January 15, 2015 that it had entered into a definitive agreement to acquire Rex Features, the largest independently owned photographic press agency in Europe. The same day, Shutterstock announced it had entered into a definitive agreement to acquire PremiumBeat, a leading provider of exclusive, high-quality music and sound effects for use in videos, films, television, apps, games, and other creative projects.
The purchase price for Rex Features is approximately $33 million, substantially all of which will be paid in cash. With offices in London and Los Angeles, Rex Features serves thousands of customers, including many of the world's leading magazines, websites, newspapers, agencies, and broadcasters. The acquisition provides Shutterstock entry into the market of editorial imagery, supporting its goal to better serve global media companies.
The PremiumBeat deal provides for an initial purchase price of approximately $32 million in cash, with additional consideration payable upon the achievement of certain operating and financial goals through 2018. With offices in Montreal and Dallas, PremiumBeat is a curated royalty free music service that provides exclusive, high-quality tracks and sound effects for use in new and traditional media projects. Earlier this year, Shutterstock launched Shutterstock Music to make licensable music accessible to businesses, and the acquisition of PremiumBeat will accelerate this mission.
Shutterstock. is a leading global provider of high-quality licensed photographs, vectors, illustrations, videos and music to businesses, marketing agencies and media agencies around the world. Headquartered in New York, with offices in Amsterdam, Berlin, Chicago, Denver, London, Paris and San Francisco, Shutterstock has customers in more than 150 countries.
The Willkie deal team for Rex Features was led by partners Gordon Caplan and Claire McDaid, and included partners Eugene Chang (IP) and Judith Harger (tax) and associate Christopher Wall.
The Willkie deal team for PremiumBeat was led by partners Gordon Caplan and Matthew Guercio and included partner Michael Katz and associates Matthew Haddad, Christopher Edwab, Geri Anne McEvoy and Amir Ghavi, and law clerk Tyler Warner.
