On Tuesday, Shutterstock announced it would buy animated-images platform Giphy for $53 Million from Meta, Reuters reports.
Giphy is the world’s largest library of animated images called GIFs and web-based stickers frequently used on social media platforms.
Last year, Britain’s Competition and Markets Authority challenged Meta’s $400 million acquisition of Giphy in 2020.
Britain’s competition regulators ordered the sale due to competition concerns that could limit access for competitors like Twitter and Snapchat.
