Meta sells Giphy for $53 million to Shutterstock after UK regime blocked GIF platform purchase

Source: Seattle Times

“Shutterstock said Tuesday it’s buying Giphy from Meta Platforms for $53 million, the final step to unwind the deal blocked by British regulators, who prevented the Facebook owner from purchasing the GIF-sharing platform over competition concerns. The stock image service said it’s paying cash for Giphy, which has 1.7 billion daily users and partners including Facebook, Instagram, WhatsApp, TikTok and Twitter. Shutterstock said it signed a deal to give Meta continued access to New York-based Giphy’s content across Meta’s platforms. … Meta purchased Giphy in 2020, in a deal reportedly worth $400 million. Britain’s Competition and Markets Authority opened an antitrust investigation over concerns it would result in ‘substantial lessening of competition’ in the U.K. market for GIFs, or short looping videos.” (05/23/23)