Facebook is buying Giphy, a popular online platform where users can search for animated pictures, reported the Wall Street Journal.
Facebook said the graphics interchange format, or GIF, platform will be part of the company’s Instagram operations but didn’t disclose the terms of the deal. Facebook—which said its apps make up half of Giphy’s traffic—is going to “further integrate their GIF library into Instagram and our other apps.”
Facebook also said Giphy will keep running its library of GIFs and digital stickers. Please use the sharing tools found via the share button at the top or side of articles.
A source familiar with the deal, which was first reported by Axios, said it was valued at about $400m, including compensation such as restricted stock units. The person said that Giphy had initially approached Facebook about a partnership before the pandemic and subsequent conversations turned to an acquisition.
Full Content: Wall Street Journal
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