The sale of Giphy to Shutterstock is a slump in value from $315M Meta paid for it
Shutterstock acquired Giphy from Meta in response to pressure from the British regulator
Meta Corporation sold Giphy to Shutterstock for $53 million, having initially purchased it for $315 million three years ago. Despite the sale, Meta will retain access to Giphy’s content for its product suite.
The sale was prompted by the UK Competition and Markets Authority’s demand to divest the service, citing concerns about Meta’s control over GIFs and its impact on competition.
Meta Corporation initially appealed the decision but eventually agreed to sell Giphy, expressing gratitude to the Giphy team.
Shutterstock sees the acquisition as an opportunity to expand its content library and enhance its generative AI and metadata strategy.
In a previous collaboration, Shutterstock agreed to sell images generated by the DALL-E 2 neural network, developed by OpenAI, based on textual descriptions.
