WALL STREET JOURNAL - Shutterstock announced a deal to acquire Giphy from Meta Platforms for $53M in net cash, putting an end to a long legal battle that resulted in the sale of the animated images company. The deal is expected to close in June, and Shutterstock plans to fund it using cash on hand and its revolving credit facility. Meta will enter into an API agreement to maintain access to Giphy's content.
by Colin Kellaher
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