The company said Giphy would add 'minimal' revenue this year and that 'focused monetization efforts' will take place throughout 2024.
will sell the GIF-sharing search engine Giphy at more than a $260 million loss after U.S. antitrust regulators ordered the social media giant's attempt to divest the company.
U.K. regulators said in 2021 the deal would permit Meta to "increase its already significant market power" by denying or limiting access to Giphy's GIFs and drive traffic to Facebook-owned sites. Meta was ordered to sell off Giphy, which sent the company scrambling to find a buyer. The company said Giphy would add "minimal" revenue this year and that "focused monetization efforts" will take place throughout 2024.
Giphy boasts of the world's largest repository of animated images, popularly called GIFs, and web-based stickers which are used on platforms such as Facebook, Instagram, TikTok and Slack.
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