With recent acquisitions that include Variety and Women’s Wear Daily owner Fairchild Fashion Media, BGR parent company Penske Media Corporation continues to bolster its position as a new media leader. On Monday, the company announced that it has entered into a new agreement with Shutterstock to create a unique strategic alliance that will leverage Penske Media’s brands and events to give Shutterstock customers access to PMC’s photo and video archives.
With a combination of 100-year-old brands like WWD and Variety as well as leading new media brands such as Hollywood Life, Deadline and BGR, PMC is uniquely positioned among the media industry’s leaders. Now, Shutterstock will leverage PMC’s visual content library and its 50-plus annual awards shows and industry events to further expand its massive catalog of commercial images and videos.
“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,” PMC chairman and CEO Jay Penske said. “This alliance alters the existing model of editorial access to fashion and entertainment photography and we are thrilled to usher in a new era together.”
The companies’ joint press release from Cannes follows below.
Shutterstock and Penske Media Form Strategic Editorial Imagery and Video Partnership
Alliance to create leading global image library anchored by PMC’s WWD and Variety
CANNES, FRANCE, NEW YORK, NY and LOS ANGELES, CA, June 22, 2015– Shutterstock, Inc. (NYSE: SSTK) and Penske Media Corporation (PMC) have agreed to form an alliance that will create and license entertainment and fashion images and videos to the world’s top media, publishing and creative companies.
By combining Shutterstock’s technology and innovative marketplace with PMC’s insider access, journalism excellence and event exclusivity, both companies are taking a significant step together to build the world’s best editorial service and to drive future growth.
“We are thrilled to team up with another trailblazing company to accelerate our progress in editorial imagery,” said Jon Oringer, Founder and CEO of Shutterstock. “We believe there are ways to productively improve the editorial market to better serve its influential customers and remarkable photographers and create a great business opportunity.”
“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 Jay Penske, Chairman and CEO of Penske Media Corporation. “This alliance alters the existing model of editorial access to fashion and entertainment photography and we are thrilled to usher in a new era together.”
Highlights of the strategic alliance:
- Commencing in 2016, Shutterstock will have an exclusive worldwide right and license to PMC’s archive, including images from its legendary, 100-year-old publications Variety and WWD.
- At the more than 50 events, galas, summits and conferences PMC produces annually, Shutterstock will capture the unique moments, as well as market and license the imagery to the world’s media.
- Leveraging PMC’s insider access, Shutterstock will document leading Hollywood events which may include the Golden Globe Awards and the Academy Awards, as well as capture the latest fashion industry trends including global runway coverage and exclusive parties.
- PMC has chosen Shutterstock’s digital asset management service, WebDAM, to support its editorial and creative teams’ needs to store, organize and manage visual content on the leading cloud-based platform. Full details can be viewed at http://www.webdam.com.
The archived and created content will be owned by PMC and available to license through Shutterstock initially via Rex Features and Shutterstock Premier.