Photobank Shutterstock bought Giphy’s GIF service from Meta (the activity is recognized as extremist in the Russian Federation and is prohibited) for $53 million. At one point, Meta acquired Giphy for $400 million, seven times the sale amount. The UK Antitrust Authority ordered Meta to get rid of Giphy.
Meta Platforms has sold its Giphy GIF service to Shutterstock for $53 million, Shutterstock announced. The acquisition will allow the photo bank to expand the library and combine two services: Shutterstock Studios and Giphy Studios.
The UK antitrust authority ordered Meta to sell the Giphy service to Meta. The department believed that the acquisition of Meta reduced the level of dynamic competition in the market.
Meta (then Facebook) bought Giphy in May 2020. The deal came to $400 million, which means Meta is now selling Giphy for seven times cheaper than the purchase price.
Author:
Kirill Bilyk
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
