Meta was forced to part with Giphy, incurring a $262M loss in the process, as the company was sold to Shutterstock.
#Meta #choice #sell #Giphy #262M #loss #Shutterstock
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Within the same period, the outcomes were distinct. #time #frame #results
400 – 53 = 262?
Who’s doing the math over there? Shouldn’t it be at a $347M loss?
Just think what this could do to the memes! A whole generation suddenly unable to express themselves
Awwww poor oligarch couldn’t increase his monopoly power 🙁
Si their way to stop a monopoly is to make them sell it to… shutter stock? Which already is a monopoly? Come on..
This is the best tl;dr I could make, [original](https://arstechnica.com/tech-policy/2023/05/fire-sale-shutterstock-to-buy-giphy-for-262-million-less-than-meta-paid) reduced by 76%. (I’m a bot)
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> With limited interest in GIF platforms and UK regulators forcing a sale, Meta has decided to sell Giphy to Shutterstock for a mere $53 million.
> Shutterstock announced today its definitive agreement to buy Giphy for $53 million, seven months after Meta said it would accept the CMA's ruling that it must divest Giphy.
> Meta has also signed a deal to continue leveraging Giphy's API. Further, Giphy has partnered with media entities, including Disney, NBC, and Netflix, and sports leagues, like the NFL. Shutterstock hopes to use these to grow its marketing and advertising potential by getting consumers to use relevant GIFs and stickers in "Casual conversations," Shutterstock CEO Paul Hennessy said in a statement.
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[**Extended Summary**](http://np.reddit.com/r/autotldr/comments/13py4hh/meta_has_no_choice_but_to_sell_giphy_at_262m_loss/) | [FAQ](http://np.reddit.com/r/autotldr/comments/31b9fm/faq_autotldr_bot/ “Version 2.02, ~686005 tl;drs so far.”) | [Feedback](http://np.reddit.com/message/compose?to=%23autotldr “PM’s and comments are monitored, constructive feedback is welcome.”) | *Top* *keywords*: **Giphy**^#1 **Shutterstock**^#2 **GIF**^#3 **Meta**^#4 **media**^#5
UK regulators loving fucking over tech companies at the mo.
Great, now a whole lotta gifs are going to have shutter stock watermarks all over them.
Ironically there is no gif functionality on this post
Fuck Meta. But also fuck shutterstock!
The people who made the decision to buy Giphy probably got a bonus this year while others are being laid off.
Cant wait for the day META goes bankrupt!
What do you mean they have no choice? They are worth $600billion. This fine is a joke to them.
The real crime here is that there are companies big enough – like Meta – where the penalty for attempting such a major monopolistic move is a no-big-deal amount of $262 million.
looks like Ron & Elon just found their Treasurer!
Interesting
The astonishing thing is that Facebook ever thought it was a smart play to buy a gif site for a third of a billion dollars. The fact that they’re being forced to sell now is kind of immaterial. The money was already wasted. If anything, this gives them an out to cut what’s left of their losses.
lmao facebook keeps getting their shit rocked while apple, google, and microsoft keep buying every startup that threatens their tech space without repercussions.
Will they then WRITE OFF the loss on their taxes?
Thereby passing the loss to the rest of us?