Meta sells Giphy at a loss to comply with UK regulator order
TL;DR Summary
Shutterstock is set to acquire animated-images platform Giphy from Meta Platforms for $53 million in cash, following an order from the UK competition regulator to divest the company. Meta had bought Giphy for $400 million in 2020, but the deal was challenged by the Competition and Markets Authority. Giphy's content, which includes GIFs and web-based stickers, is used on platforms such as Facebook, Instagram, TikTok and Microsoft Teams, and garners 15 billion daily impressions. The deal will allow access to about 1.7 billion daily users, according to Shutterstock.
- Meta sells Giphy to Shutterstock to comply with UK regulator order Reuters
- Facebook owner Meta sells Giphy at a loss of more than $260m The Guardian
- Meta has no choice but to sell Giphy at $262M loss to Shutterstock Ars Technica
- Meta sells Giphy at a significant loss after UK breakup order CNN
- Facebook Parent Sells Giphy for Fraction of Purchase Price TheStreet
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