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Facebook Parent Meta Sells Giphy To Shutterstock For $53 Million Under Pressure From UK Regulator
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deadline.comShutterstock is said today it’s buying Gipy from Meta Platforms for $53 million in cash with the deal expected to close in June.
Giphy has world’s largest collection of GIFs and stickers. The U.K.’s Competition and Markets Authority (CMA) ruled in the fall of 2021 that the combination with Meta would harm competition in social media and advertising, and ordered a sale.
Facebook initially appealed the order to divest, but then agreed to a sale last October. It’s a rare instance of a European regulator forcibly unwinding a deal.
Shutterstock said Giphy sees more than 1.3 billion daily search queries and powers more than 15 billion daily media impressions through its website and mobile app.
Read more on deadline.com
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