Photo bank Shutterstock buys Giphy for $53 million
- May 23, 2023
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Meta sold Giphy, an online database and search engine that allows users to find and share animated GIFs, to Shutterstock for $53 million. As reported by Ukrinform, The
Meta sold Giphy, an online database and search engine that allows users to find and share animated GIFs, to Shutterstock for $53 million.
As reported by Ukrinform, The Guardian reports this.
Meta said on Tuesday, May 23, it had sold Giphy, a business it bought in November 2021 for around $315 million, but was banned by a UK regulator from completing the purchase in 2022.
Shutterstock, which provides high-quality licensed photos, artwork, 3D models, videos and music to users and brands worldwide, will pay cash for Giphy.
Shutterstock CEO Paul Hennessey said the acquisition is “an exciting next step for Shutterstock as a creative platform”.
As reported by Ukrinform, the UK Competition and Markets Authority (CMA) has ordered Meta to sell Giphy, an online database and search engine that allows users to search and share animated GIF files.
The reason for its decision was cited by the regulator as “a possible reduction in competition between social networking platforms and an increase in Meta’s already significant influence in the market.”
Photo: Getty Images
Source: Ukrinform
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