Meta Takes Significant Loss Selling Giphy Following UK Breakout Order

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Meta sells Giphy to Loss

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Stock photo website Shutterstock announced Tuesday that it will pay $53 million to buy Giphy and its online collection of animated images.

Last year, UK antitrust regulators forced Meta to spin off Giphy, which is now owned by Shutterstock.

The deal is worth far less than the $315 million Meta is said to have paid for Giphy in 2020, according to many reports.

UK officials said the purchase of Meta would make advertising and social media less competitive. Last year, an appeals court upheld that decision, prompting Meta to say it would sell Giphy to comply with the UK breakup order.

Shutterstock’s library of digital content will get reaction GIFs and stickers, and Shutterstock will be able to reach Giphy’s 1.7 billion people, the company said in an announcement Tuesday.

The deal is likely to be finalized in June.

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Categories: Technology

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