{"id":327692,"date":"2023-05-23T13:07:28","date_gmt":"2023-05-23T13:07:28","guid":{"rendered":"https:\/\/www.mobileworldlive.com\/?p=371539"},"modified":"2023-05-23T13:07:28","modified_gmt":"2023-05-23T13:07:28","slug":"meta-platforms-cuts-losses-with-giphy-sale","status":"publish","type":"post","link":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/2023\/05\/23\/meta-platforms-cuts-losses-with-giphy-sale\/","title":{"rendered":"Meta Platforms cuts losses with Giphy sale"},"content":{"rendered":"

<\/p>\n

\tMeta Platforms struck a deal to sell graphic interchange format (GIF) picture provider Giphy to image repository company Shutterstock for $53 million, a major loss for the tech group on an issue-riddled acquisition [1] it spent $400 million on in 2020.<\/p>\n

Shutterstock stated it will pay for the acquisition in cash at closing, which is targeted for June. It added the tie-up adds a mobile content platform with 1.7 billion daily users and global partners including Instagram, Samsung, TikTok and more to its business.<\/p>\n

For Meta Platforms, the acquisition of Giphy was plagued with problems [2] and a sale was expected following a UK regulatory notice in 2021 ordering an offloading of the business.<\/p>\n

The UK Competition and Markets Authority (CMA) made the ruling following an investigation, concluding the tie-up reduced competition in the social media and display advertising markets.<\/p>\n

In addition, Meta Platforms was hit with fines of \u00a350 million in 2021 and $1.5 million in 2022 over repeatedly failing to comply with conditions of an Initial Enforcement Order imposed during the acquisition process.<\/p>\n

Following a failed appeal [3] by Meta Platforms, the CMA issued its final order for the sale in January, giving the company a six-month window to complete the sale.<\/p>\n

The sum of \u00a353 million means Meta Platforms has recuperated just 13 per cent of the cash it outlaid for the acquisition.<\/p>\n

[1] https:\/\/www.mobileworldlive.com\/featured-content\/apps-home-banner\/facebook-gets-the-picture-with-giphy-buy\/
\n[2] https:\/\/www.mobileworldlive.com\/featured-content\/top-three\/uk-fines-meta-again-over-giphy\/
\n[3] https:\/\/www.mobileworldlive.com\/apps\/news-apps\/meta-lays-out-challenge-to-giphy-sale-order\/<\/p>\n\n

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Meta Platforms struck a deal to sell graphic interchange format (GIF) picture provider Giphy to …<\/p>\n

The post Meta Platforms cuts losses with Giphy sale<\/a> appeared first on Mobile World Live<\/a>.<\/p>\n<\/div>","protected":false},"author":247,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"slim_seo":{"title":"Meta Platforms cuts losses with Giphy sale - ITTeacherITFreelance.hk","description":"Meta Platforms struck a deal to sell graphic interchange format (GIF) picture provider Giphy to ... The post Meta Platforms cuts losses with Giphy sale appeared"},"footnotes":""},"categories":[8,21,7],"tags":[],"_links":{"self":[{"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/posts\/327692"}],"collection":[{"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/users\/247"}],"replies":[{"embeddable":true,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/comments?post=327692"}],"version-history":[{"count":1,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/posts\/327692\/revisions"}],"predecessor-version":[{"id":327693,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/posts\/327692\/revisions\/327693"}],"wp:attachment":[{"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/media?parent=327692"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/categories?post=327692"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itteacheritfreelance.hk\/wordpress\/index.php\/wp-json\/wp\/v2\/tags?post=327692"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}