Three years ago, Facebook acquired the GIF animation service Giphy, but now Facebook’s parent company, Meta, is compelled to sell the service.
After the acquisition of Giphy, several competition authorities initiated investigations into the purchase, and the UK competition authority, Competition and Markets Authority (CMA), determined that Meta’s ownership of Giphy was anti-competitive.
The American photo service Shutterstock will be acquiring Giphy from Meta for $53 million. Facebook paid $315 million for Giphy when it acquired the service in 2020, resulting in a loss of $262 million on the purchase.
