Stock image service Shutterstock buys gif search engine after Meta’s acquisition blocked by regulators
The owner of Facebook has taken a more than $260m (£210m) loss on Giphy – selling off the gif search engine to the stock image service Shutterstock for $53m after the deal was blocked by regulators.
Meta said on Tuesday it is selling Giphy, the business it acquired in November 2021 for about $315m but was blocked from completing the purchase in 2022 by the UK’s competition regulator, the Competition and Markets Authority (CMA).
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Originally posted in the guardian.
