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Stock media provider Shutterstock is set to acquire Giphy from Meta in a deal worth $53 million.
The deal followed the UK’s Competitions and Markets Authority ruling that Meta breached competition law and must divest the platform.
“This is an exciting next step in Shutterstock’s journey as an end-to-end creative platform,” said Shutterstock CEO Paul Hennessy. “Shutterstock is in the business of helping people and brands tell their stories. Through the Giphy acquisition, we are extending our audience touch points beyond primarily professional marketing and advertising use cases and expanding into casual conversations.”
Meta announced in 2020 that it had reached a deal worth around $315 million to acquire Giphy, a GIF library and search engine.
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