(Reuters) – Facebook Inc is acquiring Giphy, a popular website for making and sharing animated images, or GIFs, and will integrate it with its rapidly growing Instagram photo-sharing app, Facebook said in a blog post on Friday.
FILE PHOTO: A 3D printed Facebook logo is placed between small toy people figures in front of a keyboard in this illustration taken April 12, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
The cost, which Facebook and Giphy declined to disclose, was placed at around $400 million by news website Axios.
The announcement comes at a time when the largest social media network is under scrutiny from regulators over antitrust concerns. In 2015 Giphy rebuffed a Facebook offer, choosing instead to continue integrating its products with multiple social media platforms, according to news site TechCrunch.
Both companies declined to comment on any earlier talks.
Giphy will become part of Instagram, the photo-sharing site owned by Facebook. Its GIF library, which can…
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