Meta sells Giphy to Shutterstock at a loss. After being forced to do this.

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Meta sells Giphy to Shutterstock at a loss

After being forced to do this

Three years ago, Facebook acquired the GIF animation service Giphy, but now Facebook's parent company, Meta, is forced to sell the service.

After the acquisition of Giphy, several competition authorities launched investigations into the purchase, and the British Competition and Markets Authority (CMA) decided that Meta's ownership of Giphy was anti-competitive.

The American photo service Shutterstock will buy Giphy from Meta for $53 million. Facebook paid $315 million for Giphy when it acquired the service in 2020, which means it lost $262 million on the purchase.

cnbc.com

Internet,

Facebook, Meta, Giphy, Shutterstock, Competition and Markets Authority

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