Source: CNBC
Summary
Meta has agreed to sell Giphy, a popular GIF-sharing platform, to Phantom, a video-sharing company. The deal is reportedly worth $400 million, less than the $400 million Meta paid for Giphy in 2020. The sale comes as Meta and Giphy’s business strategies have started to diverge.
Our Reading
The launch follows a familiar script.
Meta is selling Giphy to Phantom, a video platform, after a two-year ownership stint. The sale price is reportedly lower than what Meta paid in 2020. Giphy’s business model has shifted towards more video-centric content, diverging from Meta’s core focus. This deal marks a rare instance of a tech giant shedding a recent acquisition. Because who needs a GIF-sharing platform when you can just use TikTok?
Author: Evan Null
