Meta had to sell GIPHY after UK regulator blocked the deal last year.
Shutterstock announced Tuesday that it will buy animated-image platform GIPHY from Meta for $53 million in cash. The deal is a significant loss for Meta, which had reportedly paid around $400 million to acquire the New York-based GIF search engine in 2020.
This development comes a year after the deal was challenged by the UK’s Competition and Markets Authority, which had ordered Meta to sell Giphy over anti-competitive practices.
Meta has taken a more than $300 million loss on Giphy – selling off the gif search engine to the stock image service Shutterstock for $53m after the deal was blocked by UK regulators.
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