Facebook owner Meta sells Giphy at a loss of more than $260m
by Alex Hern UK technology editor from Technology | The Guardian on (#6BVRR)
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).
Continue reading...