Meta Sells Giphy to Shutterstock for $53 Million to Comply With UK Regulator Order 166c4q Technology News

Britain's competition regulator last year ordered Meta to sell Giphy over fears that it could deny or limit access to competitors like Twitter, Snapchat. 6s6y14

By Reuters | Updated: 24 May 2023 10:30 IST

Meta Sells Giphy to Shutterstock for $53 Million to Comply With UK Regulator Order

Photo Credit: Reuters 3v6d2p

Meta said Giphy would add "minimal" revenue this year

Highlights

Meta had reportedly paid $400 million for New York-based Giphy in 2020
Shares of Shutterstock rose as much as 4 percent premarket
Giphy boasts of the world's largest repository of animated images

ment

Giphy from Meta Platforms for $53 million (roughly Rs. 438 crore) in cash, months after the Facebook owner had agreed to divest the company on competition concerns.

Britain's competition regulator last year ordered Twitter access to the target's content.

Meta had reportedly paid $400 million (roughly Rs. 3,300 crore) for New York-based Giphy in 2020. A year later the deal was challenged by Britain's Competition and Markets Authority and its successful campaign was the first time a regulator had forced a U.S. tech giant to sell an already acquired company.

Netflix Expands Crackdown on Sharing in Over 100 Countries

Shares of Shutterstock, which expects the deal to close next month, rose as much as 4 percent premarket.

The company said Giphy would add "minimal" revenue this year and it would launch efforts to increase revenue from 2024.

"This is an exciting next step in Shutterstock's journey as an end-to-end creative platform," said Shutterstock CEO Paul Hennessy.

Here's How You Can Link RuPay Credit Cards With Google Pay for UPI Payments

Giphy boasts of the world's largest repository of animated images, popularly called GIFs, and web-based stickers which are used on platforms such as Microsoft Teams.

Its content, which also includes official submissions from media firms such as Netflix, garners 15 billion daily impressions.

The Giphy deal will allow access to about 1.7 billion daily s, Shutterstock said.

How ChatGPT Is Also an Impressive Feat of Marketing

© Thomson Reuters 2023

Samsung Galaxy A34 5G was recently launched by the company in India alongside the more expensive Galaxy A54 5G smartphone. How does this phone fare against the Nothing Phone 1 and the iQoo Neo 7? We discuss this and more on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

links may be automatically generated - see our ethics statement for details.

Comments

For the latest reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.