Shutterstock acquires GIPHY from Meta for $53M cash; targets June close

Shutterstock, Inc.

Purchase price $53M net cash; funded from cash-on-hand and existing credit facility.
GIPHY serves 1.7B daily users with 1.3B daily search queries and 15B daily media impressions.
Meta enters into API agreement for continued access across its platforms.
Shutterstock maintains 2023 revenue and adjusted EBITDA margin guidance.
Transaction expected to close in June 2023, subject to customary conditions.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Shutterstock, Inc. entered into Purchase Agreement with Meta Platforms, Inc. valued at $53 million in net cash (effective 2023-05-22).

Action: entry
Agreement: asset purchase
Counterparty: Meta Platforms, Inc.
Value: $53 million in net cash
Effective: 2023-05-22

Exact text from the filing

On May 22, 2023, Shutterstock, Inc. (the “Company”) entered into a Stock Purchase Agreement (the “Purchase Agreement”) with Meta Platforms, Inc. (“Meta”) pursuant to which Meta has agreed to sell, and the Company has agreed to purchase (the “Acquisition”), all of the issued and outstanding capital stock of Giphy, Inc. (“GIPHY”).

View on SEC.gov

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Shutterstock, Inc. filing history →

Source: SEC EDGAR

accession 0001140361-23-026154

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