Meta Sells Giphy to Shutterstock for $53M After UK Antitrust Order.

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.