Coerced and Forced, Meta Sells Giphy to Shutterstock
Giphy has left the fold of Meta for good. After being forced to separate from the famous platform specializing in gifs by the British Competition Authority (CMA), the American group chose to sell Giphy to Shutterstock for 53 million dollars. A sum that seems derisory when you know that the parent company of Facebook had put 400 million dollars on the table in 2020 to afford the animated gif platform and integrate it into Instagram.
However, this operation quickly found itself in the crosshairs of the British regulator, the latter believing that this takeover would have negative effects on the online advertising and social media markets. The CMA had therefore ordered Meta to sell Giphy, but the Californian company, which had in the process received a fine for having continued the merger process despite an ongoing investigation, had appealed this decision. Without success.
In October 2022, the British regulator therefore definitively ordered Meta to get rid of Giphy. This is now done with Shutterstock. This acquisition is expected to close next month. Small consolation prize for Meta: Mark Zuckerberg’s firm can continue to access animated gifs from Giphy.