Meta reached agreement for sale Giphy 53 million dollars. matrix Facebook had to leave the animated pictures company social networks After the UK regulator decided that the buyout would increase power and hurt the market sufficiency.
In 2020, Meta acquired Giphy for $315 million. However, the British Competition and Markets Authority objected to this operation, stating that it would “significantly reduce competition in the two markets” and that the deal would eliminate “a potential competitor in the display advertising market”.
The UK regulator has ordered Meta to divest Giphy in 2021, but so far the case has not been resolved. After a year of legal battle, it will sell it to content provider Shutterstock for $53 million for 83.17% less than its purchase price. Thus, Mark Zuckerberg’s digital empire lost about $262 million along the way.
Giphy is an animated picture company (gif) has 1.7 billion daily users. Among its partners are the platforms owned by Meta, namely Facebook, instagram And What’s upbut also like other major digital platforms TikTok, Microsoft, twitter, SAMSUNG, conflict anyone loose.