Meta sells Giphy for $53mn to Shutterstock after UK blocked purchase

Shutterstock said Tuesday it's buying Giphy from Meta Platforms for $53 million, the final step to unwind the deal blocked by British regulators, who prevented the Facebook owner from purchasing the GIF-sharing platform over competition concerns. The stock image service said it's paying cash for Giphy, which has 1.7 billion daily users and partners including Facebook, Instagram, WhatsApp, TikTok and Twitter. Shutterstock said it signed a deal to give Meta continued access to New York-based Giphy's content across Meta's platforms. In a statement, CEO Paul Hennessy said the acquisition will help Shutterstock expand its audience reach beyond primarily professional marketing and advertising use cases and into casual conversations. The transaction, set to close in next month, could potentially leave Meta with a big loss. Meta purchased Giphy in 2020, in a deal reportedly worth $400 million. Britain's Competition and Markets Authority opened an antitrust investigation over concerns it

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