Shutterstock announces that it has entered into an agreement with Meta* wants to buy Giphy for 53 million US dollars. The deal is set to close next month. At the same time, according to the trade agreement, meta* will continue to have access to Giphy content for its suite of products.
At the time the deal was announced, seven months had passed since UK competition authority Meta issued the order* Sell Giphy on the grounds that the merger reduced the level of dynamic competition. The Competition and Markets Authority (CMA) originally ordered the sale of the service in November 2021, but the appeal process dragged on for over a year. Last October Meta* confirmed it would refrain from further appeals and agreed to the sale of Giphy, but the formal sale process only began after the CMA issued a final decision in January of this year that Meta approved* a specific deadline for the sale of assets. According to the terms of sale Meta* was to sell Giphy in whole rather than parts and find a buyer – a company that would keep Giphy as a search engine for GIF content.
Shutterstocksaid the acquisition will allow it to expand its content library to include GIFs and stickers for advertisers and brands, and help it penetrate the consumer market. The deal will help bolster its growing growth.Strategy for generative AI and metadata“.
* It is included in the list of public associations and religious organizations for which the court made a final decision to liquidate or ban activities on the grounds provided for in Federal Law No. 114-FZ of July 25, 2002 “On Combating Extremists”. has met activity”.