When a U.K. antitrust regulator initially ordered Meta Platforms to sell Giphy 18 months ago, it hoped to ensure that the startup—a library for animated images known as GIFs—would prosper as an independent company. Instead, Giphy’s once-promising business has atrophied under Meta’s ownership, making finding a buyer a tall order.
Meta killed Giphy’s nascent ad sales operation immediately after completing the purchase in May 2020. Making matters worse, the U.K. regulator, the Competition and Markets Authority, forced Meta to silo Giphy’s operations from the rest of the company during its yearslong antitrust review. Giphy staffers were forbidden to speak freely with their colleagues at the parent company.
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