Meta Sells Giphy To Shutterstock at a Loss in a $53 Million Deal

The online stock-photo marketplace Shutterstock announced Tuesday it would acquire Giphy from Meta Platforms for $53 million, a significant loss for Meta, which acquired Giphy in 2020 for $315 million. From a report: The acquisition is an all-cash deal, and in an investor presentation, Shutterstock said it would maintain its full-year revenue guidance. The acquisition would add "minimal revenue in 2023," Shutterstock noted. The deal is expected to close in June. Shutterstock's shares rose nearly 2% in morning trading Tuesday. U.K.'s Competition and Markets Authority had ordered Meta to divest Giphy in 2022, citing potential anti-competitive effects. The CMA disclosed it was probing the deal in June 2020. Giphy, which is a platform for searching for and using animated images in messaging apps, was well-integrated into Meta's ecosystem, and had been an acquisition target for the social-media company years before Meta acquired it in 2020.