Meta loses more than 260 million down the drain with the forced (and ruinous) sale of Giphy

[samiaseo75]

They say that misfortunes never come alone, and in the case of Meta this old Spanish proverb could not be more true at this particular moment. Last Monday, the parent company of Facebook, Instagram and WhatsApp was fined 1.2 billion euros for violating European privacy regulations . And just 24 hours later, the American multinational announced the sale (as ruinous as it was forced) of Giphy to Shutterstock.

In May 2020, Meta paid $315 million to el salvador phone number data acquire the popular GIF search engine . However, the acquisition was later blocked by the British competition authority CMA.

The CMA's blockade forced Meta to divest itself of Giphy and "sell off" the company for just $53 million to the stock image service Shutterstock . The company led by Mark Zuckerberg has thus lost $262 million on the transaction.

Shutterstock will pay the cash for the transaction, which also includes an agreement to ensure continued access to Giphy's library for Meta's various platforms.

Shutterstock CEO Paul Hennessy says the acquisition of Giphy is a major step toward turning the company into an end-to-end creative platform .