Social-media giant Meta was ordered to sell Giphy by the UK's Competition and Markets Authority.
Meta has sold animated-gif search engine Giphy to Shutterstock for $53m , despite paying $400m for it just three years ago.Giphy is the main supplier of animated gifs to social networks such as Snapchat, TikTok and Twitter.
Meta platforms Facebook, Instagram and WhatsApp will still be able to access Giphy's content, as part of the deal.receives more than 1.3 billion search queriesThe Competition and Markets Authority hadOn acquiring Giphy, Meta had said it would be "openly available" to other social networks. But the CMA's investigation of the buyout had found it would harm competition in social media and advertising.It was the first time the regulator had blocked a deal struck by a big Silicon Valley company.Gifs "have fallen out of fashion as a content form, with younger users in particular describing gifs as 'for boomers' and 'cringe'", Meta said.
But in October, Meta said it would accept the CMA's order to sell Giphy, although it was disappointed.Chief executive Paul Hennessy said: "Giphy enables everyday users to express themselves in memorable ways with gif and sticker content, while also enabling brands to be a part of these casual conversations."
Giphy's library is fuelled by individual artists, who contribute original content, and companies such as Disney and Netflix - ensuring a steady supply of current content that can be inserted into everyday conversations and shared via social media.
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