Shutterstock (SSTK) announced that it was acquiring Giphy Inc. from Meta Platforms Inc. The deal consists of $53 million in cash. Meta was forced to sell the animated images platform after a U.K. regulatory body ordered the Facebook parent company to sell the New York bases company as there were competition concerns. Shares of Shutterstock rose by about 4 percent premarket.
In 2020, Meta Platforms reportedly acquired Giphy for $400 million. In 2021. Britain’s Competition and Markets Authority challenged the deal and said that it would stifle competition. The regulator succeeded in forcing a tech giant in the U.S. to sell a New York based company that had already been acquired by it.
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Shutterstock expects the deal to be completed next month. It noted that there would be a “minimal” revenue increase in 2023 but said that it would put in efforts to increase revenues in 2024.
Animated image platform Giphy has the world’s largest collection of animated images called GIFs as well as web-based stickers.
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These GIFs are used on popular social media platforms including Facebook, Microsoft Teams, Instagram, Slack, Twitter, Samsung, Discord and TikTok. Giphy has 1.7 billion users each day.
Giphy’s vast content library has contributions from individual artists as well as celebrity sports clubs, entertainment companies and more. Some of the celebrity content on the image platform is from the following popular media and sports leagues including the following:
Disney
NBC
Netflix
NBA
NFL and
MLB.
In a press release Shutterstock CEO Paul Hennessy said the acquisition of Giphy was the next step in the company becoming an “end-to-end creative platform.” He described his company as a business that helped people and brands to “tell their stories.”
He added that Giphy would make Shutterstock expand its reach into “casual conversations.” He also noted that the image creating company’s GIF library would also become a commercialized arm of Shutterstock.
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