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

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.