Stock photos repository Shutterstock Inc said on Tuesday it would buy animated-images platform Giphy Inc from Meta Platforms Inc for $53 million in cash.

The transaction will be funded by existing cash-on-hand and includes an intellectual property-sharing deal that would allow Meta continued access to Giphy's content, Shutterstock said.

Shutterstock, whose shares moved up 4% premarket, made no changes to its 2023 revenue and adjusted earnings margin guidance.

The deal is expected to close next month.

  - Reuters