Meta will sell Giphy to Shutterstock, after antitrust ruling
Meta has agreed to sell Giphy, a platform of sharable animated images and microvideos, to Shutterstock for around $53 million in cash.
Why it matters: This is the first time Meta has been forced by antitrust regulators to sell an asset.
- Shutterstock's deal is expected to close next month, and Meta entered into an API agreement so that Giphy's content can continue to appear on its platform.
The bottom line: Shutterstock got a three-alarm fire sale price, both due to the regulatory mandate and the fact that Giphy's business has been in prolonged limbo while the situation played itself out.