Facebook Inc. (FB) has acquired GIF platform Giphy, the companies said Friday. Giphy enables users of social-media platforms and other services to find and share animated loops, and Facebook plans to "further integrate their GIF library into Instagram and our other apps so that people can find just the right way to express themselves." A Facebook blog post ( /) said that 50% of Giphy's traffic comes from the Facebook ecosystem, with half of that coming from Instagram alone. Facebook said that people will still be able to upload GIFs and API partners will still be able to access the Giphy library. Axios reported that the deal was valued at about $400 million ( ), but a Facebook spokesman said that the company wasn't disclosing deal terms. Facebook shares are down 0.7% in Friday trading. They've lost 4.1% in the past three months as the S&P 500 has dropped 16%.
-Emily Bary; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
May 15, 2020 11:01 ET (15:01 GMT)
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