Giphy was purchased by Shutterstock from Meta Platforms for $53M

 

Giphy was purchased by Shutterstock from Meta Platforms for $53M, making it the first significant transaction to be quashed by a global authority.  Giphy was previously purchased by Meta in 2020 for $315M. Concerns over Meta's expanding user control prompted the U.K.'s Competition and Markets Authority to request the reversal. A digital sticker collection with millions of animated pictures and videos is called Giphy. Giphy's collection of GIFs and stickers, which receives more than 1.3 billion daily search requests, will be made available to Shutterstock. According to Shutterstock, the cash on hand and an active revolving credit facility will be used to pay for the acquisition. Shutterstock's stock increased around 5% in premarket trade, and the transaction is anticipated to completion by the end of June.