Shutterstock said it signed a deal to give Meta continued access to New York-based Giphy’s content across Meta’s platforms. Meta purchased Giphy in 2020, in a deal reportedly worth 400 million dollars (£322 million). The country’s competition watchdog ordered Meta to reverse the deal in 2021. The UK watchdog found that Meta’s purchase of Giphy would hurt social media users and advertisers by stifling competition for animated images. The CMA blocking Meta’s acquisition of Giphy marked the first time that the UK watchdog had sought to unwind a tech deal.

Source: Express May 24, 2023 05:53 UTC