Getty Images and Shutterstock are joining forces, agreeing to a $3.7 billion merger to create a visual content company.

The companies announced the merger on Tuesday and said it will be named Getty Images Holdings, Inc. The company will trade on the New York Stock Exchange under the "GETY" ticker symbol, according to the company's news release.

Through the merger, Getty Images and Shutterstock plan on offering "a content library with greater depth and breadth for the benefit of customers, expanded opportunities for its contributor community and a reinforced commitment to the adoption of inclusive and representative content."

Here is what to know about the merger, including what it means for stockholders.

Who will lead Getty Images Holdings, Inc?

Once the merger is closed, Getty CEO Craig Peters will serve as CEO of the combined company.

Invest wisely: Best online brokers

Peters said in a statement that the merger "is exciting and transformational for our companies" and will unlock "multiple opportunities to strengthen our financial foundation and invest in the future."

The company said it will have an 11-member board of directors, six directors picked by Getty Images, four directors selected by Shutterstock and Paul Hennessy, current CEO of Shutterstock. The chairman of the board of directors of the combined company will be Mark Getty, the current chairman of Getty Images.

What does the merger mean for stockholders?

Under the terms of the merger agreement, Shutterstock stockholders at close can decide to receive one of the following:

• $28.84870 per share in cash for each share of Shutterstock common stock they own.
• 13.67237 shares of Getty Images common stock for each share of Shutterstock common stock they own.
• A mixed consideration of 9.17 shares of Getty Images common stock plus $9.50 in cash for each share of Shutterstock common stock they own.

At the end of trading on Tuesday, Getty Images stock closed at $3.19 per share, according to the NYSE.

At the merger's close, Getty Images stockholders will own about 54.7% and Shutterstock stockholders will own about 45.3% of the combined company on a "fully diluted basis," the company said.