Facebook buys Giphy, popular tool for creating animated GIFs

FILE – This March 29, 2018, file photo shows the Facebook logo on screens at the Nasdaq MarketSite, in New York’s Times Square. Facebook, Google and other platforms are taking unprecedented steps to protect public health as potentially dangerous coronavirus misinformation spreads around the world. In a possible first, Facebook removed a post by Brazilian president Jair Bolsonaro that touted unproven viral benefits of a malaria drug, while Twitter nixed an associated video. (AP Photo/Richard Drew, File)

by: The Associated Press

Posted: May 15, 2020 / 12:48 PM MDT

Updated: May 15, 2020 / 05:30 PM MDT

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Facebook has bought Giphy, a popular tool for creating the animated images known as GIFs that pepper conversations around the internet.

The companies did not disclose financial terms. Citing unnamed people familiar with the matter, Axios said the deal is valued around $400 million.

Facebook said in a blog post Friday that it plans to integrate Giphy into Instagram but added that Giphy will still work outside of Facebook’s properties.

The company said about half of Giphy’s traffic comes from Facebook’s apps — Instagram, Facebook, Messenger and WhatsApp. Giphy is also widely used on Twitter and in messaging apps.