UK forces Meta to halt its forced sale of Giphy | Engadget

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Shutterstock will acquire Giphy from Meta for $53M in cash after regulatory pressure forced Meta to divest; Meta paid ~$400M for Giphy in 2020; the deal is expected to close next month
OUCH! 😣 

https://www.reuters.com/markets/deals/shutterstock-acquire-giphy-inc-53-million-cash-2023-05-23/?utm_source=substack&utm_medium=email

Shutterstock will acquire Giphy from Meta for $53M in cash after regulatory pressure forced Meta to divest; Meta paid ~$400M for Giphy in 2020; the deal is expected to close next month OUCH! 😣   https://www.reuters.com/markets/deals/shutterstock-acquire-giphy-inc-53-million-cash-2023-05-23/?utm_source=substack&utm_medium=email

Shutterstock Inc said on Tuesday it would buy animated-images platform Giphy Inc from Meta Platforms Inc for $53 million in cash, months after the Facebook owner had agreed to divest the company on co

Meta sells Giphy to Shutterstock to comply with UK regulator order

• Meta has been trying to sell Giphy for months but has not closed a deal
• U.K. competition authority ordered the divestiture
• Giphy has had no revenue since Meta shut off its ad business

https://www.theinformation.com/articles/how-metas-acquisition-of-giphy-went-south?utm_campaign=Automated+Fallback+R&utm_content=89&utm_medium=email&utm_source=cio&utm_term=19&rc=gzsl71

• Meta has been trying to sell Giphy for months but has not closed a deal • U.K. competition authority ordered the divestiture • Giphy has had no revenue since Meta shut off its ad business  https://www.theinformation.com/articles/how-metas-acquisition-of-giphy-went-south?utm_campaign=Automated+Fallback+R&utm_content=89&utm_medium=email&utm_source=cio&utm_term=19&rc=gzsl71

When a U.K. antitrust regulator initially ordered Meta Platforms to sell Giphy 18 months ago, it hoped to ensure that the startup—a library for animated images known as GIFs—would prosper as an indepe

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