After receiving instructions from the regulatory body, Meta Platforms Inc., the mother company of Facebook was finally forced to sell Giphy. The animated film platform is being bought by Shutterstock Inc. for $53 million. News Reuters.
Meta agreed to sell Giphy in a competitive issue last month. Earlier last year, the British regulator ordered Meta to sell Giphy. The regulator issued the directive out of concern that Giphy’s access to large amounts of content could put rival Snapchat or Twitter at a disadvantage.
Meta bought New York-based Giphy for $400 million in 2020. But a year later, the deal was blocked by Britain’s regulatory body.
