Image credit: Campaign UK
Meta to sell animated images platform Giphy to Shutterstock. The sale is part of an anti-trust battle where the tech giant was ordered to sell the platform, amidst competition concerns, by Britain’s competition regulator, Competition and Markets Authority (CMA).
The order was a part of CMA’s fears over the Facebook owner denying or limiting access and use of Giphy to competitors such as Snapchat, Twitter etc.
Shutterstock is set to buy the image platform for $53m in cash, which would incur Meta almost a $347m loss. The platform reportedly purchased the animated image platform for $
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