Meta sells Giphy to Shutterstock at a $262 million loss following UK regulatory order

Shutterstock has reached a deal to buy Giphy from Meta for $53 million.
Meta was ordered to sell Giphy by Britain's competition regulator over competition concerns.
Giphy has the world's largest repository of animated images and web-based stickers.
The deal will allow access to about 1.7 billion daily users.
Shutterstock expects the deal to close next month and will launch efforts to increase revenue from 2024.