In January 2015, Shutterstock acquired both Rex Features, Europe's largest independent photo press agency for $33 million, and PremiumBeat, a stock music and sound effects service, for $32 million. Penske Media Corporation formed a partnership with Shutterstock in June 2015 to create and license entertainment and fashion images. According to the terms of the deal, by 2016 Shutterstock would have an exclusive right and license to PMC's archive, which included magazines such as "Variety", "Women's Wear Daily," and "Deadline". "Crain's" wrote that with the partnership, "Shutterstock, a provider of stock imagery and music tracks, is stepping into the world of red carpets and fashion runways—and taking a key provider of fashion and entertainment photos and video away from archrival Getty Images.".