Meta Suffers Significant Loss Selling Giphy Following UK Breakup Order
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Website with stock photos Shutterstock announced on Tuesday that it will pay $53 million to buy Giphy and its online collection of animated pictures.
Last year, UK antitrust regulators forced Meta to spin off Giphy, which is now owned by Shutterstock.
The deal is worth a lot less than the $315 million that Meta was said to have paid for Giphy in 2020, according to many reports.
UK officials said that Meta’s purchase would make advertising and social media less competitive. Last year, an appeals court upheld that decision, which led Meta to say it would sell Giphy to meet with the UK’s breakup order.
Shutterstock’s digital content library will get GIFs and reaction stickers, and Shutterstock will be able to reach Giphy’s 1.7 billion people, the company said in a Tuesday announcement.
The deal is likely to go through in June.