Meta Sells Giphy to Shutterstock for $53M After UK Antitrust Order.
TL;DR
Meta has sold Giphy to Shutterstock for $53 million, recuperating just 13% of the $400 million it paid for the animated GIF search engine three years ago. The sale comes after the UK's antitrust authority ordered Meta to sell Giphy, citing reduced dynamic competition. The deal is expected to close next month, with Meta signing a commercial agreement to continue accessing Giphy's content. Shutterstock plans to expand its content library to include GIFs and stickers for advertisers and brands, as well as target consumers, while bolstering its generative AI and metadata strategy.
- Following UK antitrust order, Meta sells Giphy to Shutterstock for $53M after buying it for $400M TechCrunch
- Meta agrees to sell Giphy to Shutterstock in $53 million deal Yahoo Finance
- Facebook owner Meta sells Giphy at a loss of more than $260m The Guardian
- Facebook Parent Meta Agrees to Sell Giphy for $53 Million on Regulator's Order The Wall Street Journal
- Meta sells Giphy to Shutterstock to comply with UK regulator order Reuters
- View Full Coverage on Google News
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