UK-based picture agency Rex Features bought by Shutterstock for £22m - Press Gazette

UK-based picture agency Rex Features bought by Shutterstock for £22m

UK photographic agency Rex Features has been purchased by New York-based stock image provider Shutterstock.

Founded by a husband and wife in north-west London in 1954, Rex now has offices in London and Los Angeles and partner agencies in more than 40 countries.

The agency also claims to have an online database of 11m images.

In a statement, Shutterstock said its “technical prowess” mixed with Rex’s “editorial expertise” would “bring a comprehensive offering to market across both editorial and commercial content”.

It said the purchase price is “approximately $33 million [around £21.8m], substantially all of which will be paid in cash”.

Shutterstock founder and chief executive Jon Oringer said: “The acquisition of Rex Features marks our substantive entry into editorial imagery — a new market for Shutterstock with significant potential and many opportunities to better serve global media companies.”

Rex’s managing director Larry Lawson said: “Given Shutterstock’s volume leadership in commercial imagery and Rex’s history of meeting customers’ editorial needs, we are excited about what Rex and Shutterstock can accomplish together.”