Meta sells Giphy at a significant loss after UK breakup order | CNN Business
Stock photo website Shutterstock said Tuesday it will acquire Giphy and its online repository of animated images for $53 million, after U.K. antitrust regulators forced Meta to spin off the company last year .
The deal’s value is far less than the $315 million Meta paid to acquire Giphy in 2020.
UK officials had argued that the Meta acquisition would reduce competition in advertising and social media, and an appeals court upheld that decision last year, prompting Meta to say it would sell Giphy to comply with UK break order.
The deal will add GIFs and reaction stickers to Shutterstock’s library of digital content while expanding Shutterstock’s access to Giphy’s 1.7 billion users, the company said in Tuesday’s announcement.
The transaction is expected to close in June.