Shutterstock stated Tuesday it’s purchasing Giphy from Meta Platforms for $53 million, in the last action to relax the offer obstructed by British regulators, who avoided the Facebook owner from getting the GIF-sharing platform over competitors issues
WASHINGTON — Shutterstock stated Tuesday it’s purchasing Giphy from Meta Platforms for $53 million, the last action to loosenup the offer obstructed by British regulators, who avoided the Facebook owner from acquiring the GIF-sharing platform over competitors issues.
The stock image service stated it’s paying money for Giphy, which has 1.7 billion day-to-day users and partners consistingof Facebook, Instagram, WhatsApp, TikTok and Twitter. Shutterstock stated it signed a offer to offer Meta continued gainaccessto to New York-based Giphy’s material throughout Meta’s platforms.
In a declaration, CEO Paul Hennessy stated the acquisition will aid Shutterstock broaden its audience reach “beyond mostly expert marketing and marketing usage cases” and “into casual discussions.”
The deal, set to close in next month, might possibly leave Meta with a huge loss.
Meta acquired Giphy in 2020, in a offer apparently worth $400 million. Britain’s Competition and Markets Authority opened an antitrust examination over issues it would outcome in “substantial decreasing of competitors” in the U.K. market for GIFs, or brief looping videos. They’re a popular tool for