Meta sells Giphy for $53M to Shutterstock after UK blocked GIF platform purchase

WASHINGTON (AP) — Shutterstock said Tuesday it’s buying Giphy from Meta Platforms for $53 million, in the final step to unwind the deal blocked by British regulators, who prevented the Facebook owner from purchasing the GIF-sharing platform over competition concerns. The transaction, set to close in June, could potentially leave Meta with a big loss. Meta purchased Giphy in 2020 in a deal reportedly worth $400 million. Meta declined to comment further on Shutterstock’s acquisition, and directed The Associated Press to an October statement that said it’s disappointed by the Britain’s Competition and Markets Authority decision but accepts it as the “final word on the matter.”