Meta was served a huge L today at the hands of UK regulators.⁠ ⁠ In a deal dating back to 2020, Meta had purchased GIF database and search engine Giphy for a reported sum of $400M.⁠ ⁠ With concerns over competition in the “short looping videos” space, UK authorities launched an antitrust investigation that ultimately ordered Meta to sell the service in August 2021.⁠ ⁠ Today, the saga came to an end as the tech giant agreed to sell Giphy to Shutterstock for a price of $53M.⁠ ⁠ The sale is set to be finalized sometime next month, and amounts to a loss of nearly $350M for Meta. Tough break.⁠ ⁠ #meta #giphy #shutterstock #gifs #socialmedia #businessnews