Meta to sell Giphy for $53 million to Shutterstock
Shutterstock announced on Tuesday it will acquire Giphy from Meta Platforms Inc. for $53 million after the British competition watchdog ordered the American tech giant to divest the company last October.
The agreement, expected to close next month, will cause a loss of more than $300 million for Meta, who reportedly bought Giphy for around $400 million in 2020, drawing the focus of the Competition and Markets Authority (CMA).
Shutterstock announced on Tuesday it will acquire Giphy from Meta Platforms Inc. for $53 million after the British competition watchdog ordered the American tech giant to divest the company last October.
The agreement, expected to close next month, will cause a loss of more than $300 million for Meta, who reportedly bought Giphy for around $400 million in 2020, drawing the focus of the Competition and Markets Authority (CMA).
Meta to sell Giphy for $53 million to Shutterstock
Shutterstock announced on Tuesday it will acquire Giphy from Meta Platforms Inc. for $53 million after the British competition watchdog ordered the American tech giant to divest the company last October.
The agreement, expected to close next month, will cause a loss of more than $300 million for Meta, who reportedly bought Giphy for around $400 million in 2020, drawing the focus of the Competition and Markets Authority (CMA).
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