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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Shutterstock Inc | NYSE:SSTK | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 42.71 | 0 | 09:05:48 |
From May 2023 to May 2024
By Colin Kellaher
Shutterstock on Tuesday said it agreed to buy social-media animated-images company Giphy from Facebook parent Meta Platforms for $53 million in net cash.
Shutterstock, a New York provider of licensed content, said the deal adds a mobile content platform with 1.7 billion daily users and global partners that including Instagram, Facebook, WhatsApp, Microsoft, TikTok, Samsung, Twitter, Slack and Discord.
Meta last year said it would sell Giphy after the U.K.'s top competition authority affirmed an earlier order to undo its 2020 acquisition of the company for $315 million.
Shutterstock said it plans to fund the deal, slated to close in June, with cash on hand and its revolving credit facility, adding that Meta is entering into an API agreement to ensure continued access to Giphy's content across its platform.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
May 23, 2023 07:35 ET (11:35 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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