Meta had bought the online database Giphy in 2021 for around 315 million US dollars. But the supervisory authorities threw a spanner in the Facebook group’s works. Now Meta is selling Giphy to Shutterstock for around 53 million US dollars – at a loss of 260 million US dollars.
When Facebook parent company Meta took over the online database Giphy in 2021 for around 315 US dollars, the euphoria was great. Once again, one might say. Because after the takeover of Instagram and WhatsApp, CEO Marc Zuckerberg seemed to have achieved the next stroke of genius. But what followed was disillusionment.
Meta sells Giphy to Shutterstock
Shortly afterwards, the British Competition and Markets Authority (CMA) intervened and officially ordered the reversal of the purchase or sale of Giphy. The reason: fears of distortions of competition.
Already at the end of 2021, the fate of the deal seemed sealed. Nevertheless, a year-long legal battle followed. At the end of 2022, it was clear: Meta would have to sell Giphy again. A few months later, the Facebook group has apparently found a buyer. Namely the image service Shutterstock.
Giphy: Meta makes a loss of 260 million US dollars
This is the result of a report by The Guardian. According to the report, Meta has agreed to sell Giphy to Shutterstock for 53 million US dollars. The bottom line for the Facebook group would be a loss of around 260 million US dollars.
The acquisition, meanwhile, is said to be accompanied by an agreement that ensures access to Giphy via the meta-platforms Instagram, WhatsApp and Facebook. Shutterstock, meanwhile, confirmed the deal in an official statement.
Commenting, chief executive Paul Hennessy said the acquisition was “an exciting next step in Shutterstock’s journey to become an end-to-end creative platform”. He added:
Through the acquisition of Giphy, we are expanding the touchpoints with our audience beyond primarily professional marketing and advertising applications and extending them to casual conversations.
