NEW YORK — Getty Images is buying Shutterstock to create a $3.7 billion visual content company.

The merger comes at a time when companies that use still images are facing increased competition from images generated by artificial intelligence.

The companies said Tuesday that they have complementary portfolios and that a merger will provide customers with a broader array of still imagery, video, music, 3D and other media.

Getty Images CEO Craig Peters will serve as CEO of the combined business, which will operate as Getty Images, and will continue to trade on the New York Stock Exchange under the ‘GETY’ ticker symbol. Shutterstock CEO Paul Hennessy will be on the 11-member board. — Associated Press