Giphy, the world’s largest database of animated GIFs has been sold to a content marketplace company –Shutterstock for $53 million.
It can be recalled that Meta, formerly Facebook had bought Giphy 3 years ago for $400 million. This sale is coming after U.K’s Competition and Markets Authority, CMA had faulted Meta’s acquisition of Giphy, tagging the move ‘anticompetitive’ and ordering Meta to sell off Giphy in October 2022.
An API agreement with Shutterstock was made by Meta for the sale of Giphy so that the company (Meta) will continue having access to Giphy’s content across its platform.
Meanwhile, Shutterstock has revealed that the deal to acquire Giphy was being paid through a cash-on-hand and an established revolving credit facility.
