Meta has sold Giphy, the animated GIF search engine, to Shutterstock for $53 million. This comes after Meta originally bought Giphy for $400 million three years ago.
The sale was required by the U.K.’s antitrust authority, which found that the merger reduced competition. Meta had to sell Giphy as a whole entity and find a legitimate buyer that would continue operating it as a GIF search engine.
The deal is expected to close next month, and Meta will also sign a commercial agreement to keep accessing Giphy’s content.