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Meta Sells Giphy to Shutterstock for $53 Million

Somto NwanoluebySomto Nwanolue
May 23, 2023
in News
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Meta Sells Giphy to Shutterstock for $53 Million
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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.

Tags: Giphyworld’s largest database of animated GIFs has been sold to a content marketplace company –Shutterstock
Somto Nwanolue

Somto Nwanolue

Somto Nwanolue is a news writer with a keen eye for spotting trending news and crafting engaging stories. Her interests includes beauty, lifestyle and fashion. Her life’s passion is to bring information to the right audience in written medium

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