Shutterstock, a leading platform that sells photographs, said it would buy animated-images platform Giphy Inc from Meta Platforms 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 made no changes to its 2023 revenue and adjusted earnings margin guidance.
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