Facebook parent Meta has agreed to sell Giphy, which it reportedly acquired for $315 million in 2020, to Shutterstock for $53 million over antitrust concerns.
Shutterstock is paying the amount in cash. The deal is expected to close in June.
Why the $260 million loss?
In 2022, the UK's competition regulator demanded Meta sell Giphy on the grounds that the acquisition reduced competition in social media and advertising.