Meta sells Giphy service to Shutterstock photo bank for $53 million – Kommersant

The American company Shutterstock, which is one of the world’s largest photobanks, announced on the purchase of the gif-image service and their search Giphy from Meta (recognized as extremist in the Russian Federation and prohibited). The deal is worth $53 million, seven and a half times less than what Meta spent in 2020 to buy Giphy.

In October last year, the UK Competition and Markets Authority decidedthat Meta should sell Giphy. The regulator said Meta’s ownership of Giphy limits competition in the social media and online advertising markets, where Meta’s Facebook already dominates. Meta expressed regret over the regulator’s decision, but agreed to comply with it.

Evgeniy Khvostik