Last Updated: May 23, 2023, 17:43 IST
Meta is ready to sell Giphy
The animated images platform Giphy Inc has been owned by Meta Platforms for a few years.
(Reuters) -Stock photos repository Shutterstock Inc said on Tuesday it would buy animated-images platform Giphy Inc from Meta Platforms Inc for $53 million in cash.
The transaction will be funded by existing cash-on-hand and includes an intellectual property-sharing deal that would allow Meta continued access to Giphy’s content, Shutterstock said.
Shutterstock, whose shares moved up 4% premarket, made no changes to its 2023 revenue and adjusted earnings margin guidance.
The deal is expected to close next month.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – Reuters)