Shutterstock Agrees To Acquire GIPHY From Meta Platforms
Portfolio Pulse from Benzinga Newsdesk
Shutterstock has agreed to acquire GIPHY from Meta Platforms for $53 million in net cash. Meta will enter into an API agreement to ensure continued access to GIPHY's content. The transaction is expected to close in June 2023.
May 23, 2023 | 11:04 am
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POSITIVE IMPACT
Shutterstock is acquiring GIPHY for $53 million, with the deal expected to close in June 2023. The acquisition is expected to add minimal revenue in 2023.
The acquisition of GIPHY by Shutterstock is expected to have a positive impact on SSTK's stock price in the short term. The deal will expand Shutterstock's content offerings and potentially increase its user base. However, the revenue impact in 2023 is expected to be minimal.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
NEUTRAL IMPACT
Meta Platforms is selling GIPHY to Shutterstock for $53 million and entering into an API agreement to ensure continued access to GIPHY's content.
The sale of GIPHY to Shutterstock is not expected to have a significant impact on Meta Platforms' stock price in the short term. The $53 million cash inflow is relatively small compared to Meta's overall financials, and the API agreement ensures continued access to GIPHY's content.
CONFIDENCE 90
IMPORTANCE 50
RELEVANCE 100