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Meta sells Giphy at a loss of $262M to Shutterstock.

1 min read
Source: Fox Business
Meta sells Giphy at a loss of $262M to Shutterstock.
Photo: Fox Business
TL;DR

Meta, the parent company of Facebook, will sell Giphy to Shutterstock for $53 million in cash, taking a loss of over $260 million after U.S. antitrust regulators ordered the social media giant to divest the company. The sale comes after UK antitrust regulators determined that allowing Meta to acquire Giphy could harm competitors like Snapchat and Twitter. Giphy is the world's largest repository of animated images and web-based stickers, with over 1.3 billion daily search queries and 15 billion daily media impressions. Shutterstock plans to leverage its unique capabilities to enable the commercialization of Giphy's GIF library.

Topics:business#antitrust#business#giphy#meta#sale#shutterstock
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  1. Facebook owner Meta sells Giphy and takes plus $260M loss after UK antitrust order  Fox Business
  2. Facebook owner Meta sells Giphy at a loss of more than $260m  The Guardian
  3. Meta has no choice but to sell Giphy at $262M loss to Shutterstock  Ars Technica
  4. Facebook Parent Sells Giphy for Fraction of Purchase Price  TheStreet
  5. Following UK antitrust order, Meta sells Giphy to Shutterstock for $53M after buying it for $400M  TechCrunch

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