Facebook parent company Meta has sold Giphy to Shutterstock in a deal worth $53 million.

And Facebook had bought Giphy, the largest and most famous animation library in the world, in a deal worth $ 400 million during the year 2020. In order to bring these wonderful images to the Instagram and Facebook application.

However, the British Competition Regulatory Authority had a different opinion. Facebook owner Meta ordered Giphy to sell. Because it discovered that this deal would hurt competition for other companies.

Where the Meta company intended to prevent other applications and networks from accessing that library and allocate perhaps a subscription or a fee, and this is a monopoly that violates competition laws.

As part of the deal, Meta will have continued access to Giphy‘s content following Shutterstock‘s acquisition of the site.

And for the popular photo site Giphy. Its huge library of animated gifs and stickers attracts more than 1.3 billion queries and searches daily.

Giphy‘s partners include Meta, Facebook and Instagram, as well as TikTok, Twitter and Snapchat. Along with media partners such as NBC, Disney, Netflix, NFL, MLB, and NBA.

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Popular photo website Shutterstock said the Giphy acquisition will be paid entirely in cash and funded by its existing cash and revolving credit facilities.

The site also added that it expects Giphy to contribute minimal revenue in 2023 through focused monetization efforts taking place over the course of 2024.

Finally, the sale and transfer of the entire animation library to Shutterstock is expected to be completed in June of this year 2023.