Shutterstock acquires Giphy from Meta in a $53 million deal
(Reuters) – Stock image repository Shutterstock Inc said on Tuesday it will buy the animated images platform from Giphy Inc’s Meta Platforms Inc for $53 million in cash.
The deal will be funded with existing cash and includes an intellectual property rights sharing agreement that would give Metal access to Giphy’s content, Shutterstock said.
Shutterstock, whose shares rose 4% before the sale, made no changes to its 2023 revenue and adjusted margin guidance.
The deal is expected to be completed next month.
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