Giphy, which manages the largest archive of animated GIFs in the world, is being sold by Meta to content marketplace business Shutterstock at a significant loss.
Shutterstock confirmed on Tuesday that it has entered into an agreement with Meta to buy Giphy.
The transaction follows hot on the heels of the U.K.’s Competition and Markets Authority (CMA) ruling that Meta’s acquisition of Giphy was anticompetitive — and last fall, the regulator ordered Meta to sell Giphy.
“This is an exciting next step in Shutterstock’s journey as an end-to-end creative platform,” Shutterstock CEO Paul Hennessy said in a statement.
Giphy claims that its collection of GIFs and stickers attracts more than 1.3 billion daily search searches and produces more than 15 billion daily media impressions.